A smell of knockout – The DRY American preferred to sue Ripple (XRP) in court for the sale of unregistered securities, rather than proceed to an amicable settlement concerning this dispute. The Commission could ultimately regret this decision in view of a recent decisive decision for the outcome of the trial.
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Ripple’s fair notice stunt to knock the SEC down
Ripple may have just won a decisive victory against the SEC with one of the rulings Judge Analisa Torres issued on March 11, 2022. The judge denied the motion filed by the SEC in March 2022, a motion which itself sought to dismiss Ripple’s defense based on the argument that the company had no not been fairly informed on the fact that the Commission would consider XRP as a security.
If this defense argument is therefore accepted by the judge, it could be used by Ripple to win its case against the SEC. Despite this good news, we are not immune to other surprises in this trial, which began more than a year ago. The case is still in the pleadings stage. The SEC, just like Ripple, can still perform several legal maneuvers to temporarily or permanently turn the situation in its favor.
The predictions of some observers are still in favor of Ripple. Former Ripple executive Joseph Hall had expressed doubts during his February 22, 2022 intervention on the Thinking Crypto podcast, about the SEC’s ability to win its legal tussle against Ripple.
Joseph Hall had mentioned irregularities in SEC investigative procedures that has failed to meet its fair notice obligations. However, as stated above, Judge Analisa Torres validated the use of this argument by the defence.
Besides the opinion of this former SEC executive, attorney Jeremy Hogan also thinks that Ripple will win his case by brandishing this argument of the absence of fair notification. He recalled that the SEC lost its lawsuit against Library Credits (LBRY) in 2021, for this same reason.
Ripple is therefore making a strong comeback in 2022. His victory would also be a victory for the cryptosphere – who has not always been kind to XRP – because it would legally weaken, at least for a while, an SEC which has already shown an excess of zeal in its speeches relating to the regulation of cryptocurrencies and its various sub-sectors.
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