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In a recent development of the ongoing SEC vs. Ripple lawsuit, the defense lawyers have submitted a letter to the judge, arguing that the SEC is now rebuking the comments of its commissioners to turn the tables in its favor. The defendants have called SECās attempt to re-emphasize and accentuate their end of the argument, lamentable.
Rippleās response stated, āit goes on to publicly rebuke these two Commissionersā considered views that merely acknowledge what is plain and obvious to allā¦The SEC then asserts that the Commissionersā statements are legally āirrelevantā to their claims of aiding-and-abetting against Mr. Larsen and Mr. Garlinghouse. This gratuitous attempt to re-argue its flawed position by way of an unauthorized sur-reply is meritless.ā
#XRPCommunity #SECGov v. #Ripple #XRP Individual Defendants respond to SEC's letter regarding public statement by Commissioners Peirce and Roisman, describing SEC response as going "on to publicly rebuke these two Commissionersā considered views" that there is no clarity. pic.twitter.com/sTVjbZpAHF
ā James K. Filan (@FilanLaw) July 23, 2021
SECās Letter
Upon Rippleās plea for dismissal referring to the comments by two of SECās commissioners; the SEC wrote a letter to Judge Torres arguing the legal irrelevance of the statements. SEC stated that the former commissionersā comments cannot be used to request a dismissal.
āThe Statement at issue is not a statement of the SEC itself or any sort of binding authority on this Court,ā wrote SEC attorney Mark Sylvester in a letter to Judge Torres. āThe SEC is correct when it points out that statements by individual Commissioners (or a couple of Commissioners), issued in a press release or otherwise made public, do not constitute the position of the SEC acting as a Commission ā in other words, such statements carry no legal weight and are simply the individual opinions of the Commissioners who make themā¦It is hard to argue that the later statement by a couple of the Commissioners is an argument in favor of the defense to the lawsuit that Ripple is advancing, i.e., lack of āfair notice.āā, Sylvester added.
Where Ripple is arguing over SECās incapability of issuing a āfair noticeā to the company, informing them of the XRP violation; SEC disagrees and states Rippleās irresponsibility suggesting they overlooked security breach.
The post XRP Lawsuit Update: Ripple lawyers argue SEC publicly rebuked its own appeared first on Coingape.
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