Home Altcoins News BIG WIN for Ripple in the SEC v. Ripple / XRP Lawsuit at Hearing Attorney Speaks

BIG WIN for Ripple in the SEC v. Ripple / XRP Lawsuit at Hearing Attorney Speaks

BIG WIN for Ripple in the SEC

Ripple helps move money instantly across the world.  XRP investors and believers love to analyze the XRP price cycle. Whether for XRP, BTC, ETH or any other Altcoins, it is important to have a fair view of the extended and exclusive charts. For those who believe in XRP, the crash really does not scare them. Investing is what creates wealth.

Attorney Jeremy Hogan Talks BIG WIN for Ripple in the SEC v. Ripple / XRP Lawsuit at Hearing.

Reportedly, The XRP hearing call maxed out at 4000 listeners again. 

XRP fans were like:  Ripples attorneys have been playing chess the entire time, while the SEC is trying to hold on for dear life and drag this out so they end up with as little egg on their faces as possible.

The Attorney stated that it was a disappointing ruling on the memorandum of understanding issue. He covered on how Ripple made a fair notice defense and SEC sent a discovery request to foreign governments.

There was a ruling from the Judge that the SEC could continue to send out requests to foreign governments requesting documents from Ripple’s Business Partners and MOU requests. The SEC was doing this in secret. And, when Ripple found out, they called them out on it and the Judge said the SEC could continue the practice, but had to tell Ripple what they were doing and what documents they have obtained.

Ripple made an argument that the SEC was using Bullying tactics not available to it as a private litigant.  Further stating that the SEC was trying to scare away the business partners as such and this is obviously true.

The Attorney stated:  “In Litigations and war this is not uncommon.  If they know that the client is in bad financial condition, they will absolutely drag up the case, make them spend more money, in order to have clients to accept a lower sum – this is a nasty business.”

However, Ripple did not have any evidence of that and it was an assumption. And, the judge would not rule based on assumptions and not evidence.

The issue was whether the SEC could get its greedy little hands on opinion letters from Ripple’s lawyers to reply as to whether XRP is a security or not. From the SEC argument it is clear that Ripple has already given the SEC two lawyer letters from 2012 and 2015 and at least the 2012 letter says:  “Be careful this XRP thing to be considered a security.”

Ripple has two viable and strong defense:  1. XRP is not a security of course. Even if it is a security, Ripple lacked fair notice that it was a security and therefore it was not liable. The more the litigation goes on, the more will be the fair notice defense.

The SEC wants to keep it simple:  Is this a security or not a security. This is because the SEC is nervous about the fair notice defense for good reason. The Fair Notice defense puts the SEC on trial because it looks at what the SEC did and did’nt do. And, what effect that has on companies that they have jurisdiction over. The SEC wants to get the other Lawyer letters, because it wants to be able to say that Ripple had fair notice from its own lawyers. No matter the ambiguity is coming from the SEC.

Whether a Fair notice defense is a subjective test? Objective test, because law requires a person of ordinary intelligence with a reasonable opportunity to know what is prohibited.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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