The Securities and Exchange Commission (SEC) has I acknowledge Before initiating legal action against Ripple, it had never told third parties that it considered XRP as collateral.
“…the Commission acknowledges that prior to filing this case, some third parties inquired about the legal status of XRP. However, the Commission did not state a view one way or the other in response.”
The comment came in the “Application for Admission to the Securities and Exchange Commission” document attached to the last court filing. Moreover, this evidence now constitutes an official acknowledgment of the case.
But why is this important?
How does this help with ripple?
The ongoing lawsuit against SEC against Ripple is currently in the discovery stage. Since December 2020, the two sides have bickered, on several proposals, with the aim of verifying each other’s claims.
Overall, Ripple has undoubtedly ranked number one. For example, in forcing the Securities and Exchange Commission (SEC) to answer whether Ethereum has been a security recently. This point reinforces Ripple’s case regardless of the SEC’s answer.
“If the answer is no, it opens the door for Ripple to compare XRP to Ether. And as we know, only Ethereum had an ICO…
“Yes” is not a politically understandable answer by the Securities and Exchange Commission.”
An important aspect of the defense is “fair notice”. This confirms that Ripple was assuming that XRP, Bitcoin, and Ether were equivalent in the eyes of the SEC.
As former SEC director William Henman, the green light for both Ether and Bitcoin, Ripple has assumed the same for XRP. It follows that, without fair notice to the contrary, the Company was not aware of the breach of applicable securities law.
Regarding the recent acknowledgment of the bombshell by the Securities and Exchange Commission, saying that they refused to clarify the legal status of XRP prior to litigation, they effectively played the fair notice defense by compromising on not giving fair notice.
However, this alone is not a case of cut-and-lock as Ripple will still need to prove that XRP was not sold in a manner consistent with the stock offering.
SEC Explains ‘Regulation Through Litigation’ Using Coinbase
On Wednesday, Coinbase CEO Brian Armstrong saw a tweet about his dealings with the Securities and Exchange Commission regarding his platform’s Lend program.
Armstrong said the panel considered the program to be security and threatened to sue it if they proceeded to launch the new feature. Even worse, Armstrong said, the agency declined to explain how they came to that decision.
Billionaire investor Mark Cuban criticized the SEC’s response by calling it “Regulate by litigation.” Armstrong advised “Go on the offensive.”
In an amusing comment on this, Ripple CEO Brad Garlinghouse responded to Armstrong by tweeting a meme from Die Hard reading “Welcome to the party, buddy.”
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