• The US Supreme Court recently ruled in favor of Ripple’s fair notice defense in the SEC vs. Ripple case.
• The XRP community slightly optimistic, but XRP price lost 3% in one week.
• The SEC is under fire for how it is choosing to regulate the crypto space and filing new actions against other industry members.
SEC vs. Ripple Case
The US Securities and Exchange Commission (SEC) accused the remittance firm Ripple of illegally raising $1.3 billion by selling XRP tokens in an unregistered securities offering back in 2020, sparking a two-year legal battle between the two parties.
Supreme Court Ruling Favors Ripple’s Fair Notice Defense
In a recent development, Ripple wrote a letter to the US District Court on the issue of fair warning by the SEC citing a recent Supreme Court ruling favoring the blockchain company’s fair notice defense. The point illustrated by this case was that governments must provide fair warning to citizens when implementing regulations or they may be subject to penalties if they fail to do so clearly enough for people to understand them properly.
SEC Under Fire For Regulatory Practices
The SEC is being criticized for its approach towards regulating the crypto sector, with XRP holders’ lawyer John Deaton urging companies currently engaged in legal battles with the SEC to “exchange ideas.” Deaton claimed that “the SEC waged a war 🆚 crypto when it attacked not only how a promoter sells a token but attacked the token itself – calling software code a security per se – no matter the seller or the circumstances surrounding the sale.”
XRP Community Optimistic About Resolution
The XRP team used Bittner vs. SEC as an example while pleading with Judge Torres to emphasize issuing fair warnings globally in language that everyone can comprehend and understand. The XRP community has expressed slight optimism regarding this development and is anticipating an eventual resolution that will be beneficial for both parties involved in this case.
XRP Price Drops Despite Recent Developments
Despite these developments, however, XRP price dropped 3% over one week period indicating that investors remain cautious about investing their money into cryptocurrency until further notice from authorities or court rulings are made clear regarding this ongoing legal battle between Ripple and the SEC