The latest development in the SEC v. Ripple case could be welcomed by the XRP Army as a positive sign.
The regulator had cited a similar case that it had brought against blockchain content platform LBRY. In the said case, a New Hampshire magistrate judge ruled on the pleadings on unconnected “selective enforcement” defense.
Ripple’s attorneys, however, argued that the SEC shouldn’t be allowed to boost its case against the firm’s fair notice defense by referencing “out of circuit” recently-decided cases. Ripple also indicated that LBRY pled a fair notice defense but the SEC didn’t move to strike it, and the omission of this in the proposed Sur-Sur-Reply is “remarkable”.
And fortunately for Ripple, Judge Analisa Torres has denied SEC’s request to file its Sur-Sur-Reply, in a conspicuous one-word order.
The regulator had cited a similar case that it had brought against blockchain content platform LBRY. In the said case, a New Hampshire magistrate judge ruled on the pleadings on unconnected “selective enforcement” defense.
Ripple’s attorneys, however, argued that the SEC shouldn’t be allowed to boost its case against the firm’s fair notice defense by referencing “out of circuit” recently-decided cases. Ripple also indicated that LBRY pled a fair notice defense but the SEC didn’t move to strike it, and the omission of this in the proposed Sur-Sur-Reply is “remarkable”.
And fortunately for Ripple, Judge Analisa Torres has denied SEC’s request to file its Sur-Sur-Reply, in a conspicuous one-word order.