- Ripple fires back at the U.S. Securities and Exchange Commissions, with its most recent letter, in response to the SEC’s Supplemental letter.
- Ripple bulls are wide awake, as the altcoin has outperformed its counterparts following the recent development. Ripple skyrocketed by 4% in the last 24 hours.
The ongoing legal battle between Ripple, and the U.S. Securities and Exchange Commission ( SEC) has taken another interest in turn. Leaving the crypto market, especially Ripple and XRP supporters beaming with joy, Ripple has finally responded to the SEC. Ripple did not delay in putting out a response letter to the SEC, regarding the regulatory body’s “supplemental authority” letter.
According to the letter, which was written by Ripple’s lawyer, the SEC’s stance on the Commonwealth case does not connect to the ongoing Ripple vs SEC case. Dated April 13th, the letter was written by Michael K. Kellogg, the lawyer representing Ripple. The letter strongly refutes the SEC’s claims that the SEC’s Commonwealth case somehow applies to its case with the Crypto platform Ripple.
This is coming after the SEC cited the enforcement move it took against the Commonwealth Equity Services investment company. The SEC claimed that the enforcement action gives insight into an extra authority to the court, so as to inform it to push back on the fair notice defense claims by Ripple.
Ripple’s lawyer claims that the SEC played a huge role in fueling regulatory confusion
In the letter, Kellog added that there is an abundant amount of evidence proving that the SEC was fully aware of the well-known confusion and misunderstanding surrounding regulation. They further maintained that the SEC even took part in creating regulatory confusion by only putting forward and later disclaiming very vague guidance that didn’t align with the Howery test.
#XRPCommunity #SECGov v. #Ripple #XRP The Ripple Defendants have filed their Response to the SEC’s Letter of Supplemental Authority regarding the SEC’s Motion for Summary Judgment. pic.twitter.com/SPWnzxhKxx
— James K. Filan (@FilanLaw) April 13, 2023
Moreover, in CommonWealth, there was no dispute that the Investment Advisers Act applied to the defendant’s conduct and required the defendant to disclose economic conflicts of interest. In this case, the threshold issue – and source of widespread regulatory uncertainty – is whether the Securities Act even applies to Defendants’ offers and sales of XRP (it does not).
In response to the new development, the price of Ripple (XRP) has skyrocketed significantly, with XRP securing more gains. When the letter initially flooded the crypto Twitter space on the 13th of April, Ripple (XRP) surged by 4% in only 24 hours.
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The asset would go on to hit a high of $0.53 for a short period before retracting. The price surge precedes Ripple’s noteworthy performance over the last 30 days, and unseated Bitcoin (BTC) and Ethereum (ETH) by over 20% in 30 days.
However, at the time of this report, Ripple is down by 0.17% and 0.65% within the last 1 hour and 24 hours respectively. At press time, Ripple (XRP) trades at $0.51.
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