Ripple Defendants Fight Back Against SEC’s Summary Judgment Motion

• Ripple (XRP) defendants respond to SEC’s letter on summary judgment.
• Commonwealth LLC case ruling raises concerns about Ripple vs SEC.
• Defendants argue SEC lacked clarity on XRP’s security classification.

In the latest Twitter post by James K. Filan, a defense lawyer who is a former prosecutor has recently shared the response to SEC. It states that Ripple (XRP) defendants have filed their response to the Securities and Exchange Commission’s (SEC) Letter of Supplemental Authority regarding the SEC’s Motion for Summary Judgment.

Earlier this month, the District of Massachusetts court ruled in the case against Commonwealth Equity Services LLC, which has raised concerns in the ongoing Ripple vs. SEC case. Sources familiar with the report have revealed that the court granted the SEC’s motion for summary judgment. This has led to worries about the potential impact on the Ripple case. The defendants in the Ripple case have since stated that the court ruled in favor of the SEC.

Ripple Defendants Cite Precedent in Case

The defendants in the Ripple case have put forward an argument claiming that the ruling in the Commonwealth LLC case supports their position in the ongoing lawsuit. Additionally, Ripple has emphasized the importance of fair notice in legal proceedings. The Ripple team firmly believes that the SEC’s guidance on the classification of XRP as a security lacked clarity, which deprived XRP of fair notice. Therefore, they argue that any charges brought against them are unjustified. 

Recently, Jungle Inc, a member of the Ripple House of Representatives, tweeted that it had submitted a letter of reconciliation to the SEC. According to Ripple’s team, they agreed to cooperate and outlined the terms they would abide by.

As part of their agreement, XRP would pay an amount deemed fair by the SEC to ensure investor protection and education. Additionally, the House of Ripple is committed to providing transparent and comprehensive disclosures as prescribed by the SEC to build trust and confidence among the investing public.

The price of the XRP token is currently on a bullish trend, having surged by 2.52% over the last 24 hours. As of now, the token is trading at $0.5257.

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