Here’s Latest Update in Lawsuit
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in a tweet, James K Filan has shared the latest update on Ripple’s litigation with the SEC.
The regulator has submitted its response to the Ripple defendants’ letters regarding the supplementary powers in the Bittner and Voyager cases.
On March 20, Ripple filed a Letter Notice of Supplemental Authority in further support of its Fair Notice defense.
According to the SEC’s response, “The letter contained isolated observations, lines from Judge Gorsuch’s consensus opinion in the Bittner case, and a bankruptcy confirmation order in the Voyager case.”
It added that the defendants claim the extracts support their “fair notice” defence.
The SEC disagrees, adding that this is not a basis for denying the SEC’s summary judgment motion. It also adds that none of the decisions contain even a “fair notice” defence.
Bittner was named by the SEC as complicit in the Bank Secrecy Act (“BSA”) requirement that individuals file an annual report detailing information about certain foreign bank accounts.
Pro Ripple advocate Jeremy Hogan took to Twitter to offer his take on the SEC’s response: “The SEC is (finally) responding to Ripple’s supplemental authority,” he said.
“While it raises valid points about the Bittner case, his attempt to argue that the Voyager judge failed to find that the crypto space faces apparent uncertainty,” he continued.
Hogan further adds, “I think these are two cases that are bad for the SEC, and this answer negates Bittner’s decision a bit, but doesn’t take much of the teeth out of the Voyage judge.” This Voyager arrangement is really good for Ripple. “
Hope for a faster solution is growing
According to a Fox Business article by Eleanor Terrett, the legal dilemma between Ripple and the SEC could end soon.
The report quotes attorneys working on the case as saying Judge Torres could rule on summary judgment requests in the coming days.
Either Ripple or the SEC could claim victory. Another outcome could be that the judge could order the case to go to trial. The article highlighted three possible outcomes.
Ripple President Monica Long recently stated in a CNBC interview that the company is optimistic about reaching a positive resolution in the SEC case.