BTC

$56633.257

-3.09%

ETH

$2982.037

-5.57%

BNB

$496.831

-5.95%

XRP

$0.425

-4.54%

Uncategorized

XRP Soars 4% In Response To Ripple’s SEC Victory

April 14, 2023 - Around 3 mins mins to read

Key Points:

  • Ripple’s XRP surged by 4% in the last 24 hours to $0.53475 after its response to the SEC’s letter of supplemental authority.
  • Ripple’s lawyer, Michael K. Kellogg, countered that the SEC’s Commonwealth case argument doesn’t apply to the legal battle between the crypto firm and the financial regulator.
  • ????Kellogg noted that “reasonable market participants” concluded that Defendants’ offers and sales of XRP were not investment contracts, and told the SEC so.
Ripple’s XRP has shown significant growth in the last 24 hours, rising by 4% to reach a high of $0.53475 at the time of writing.
XRP Soars 4 In Response to Ripples SEC Victory 1

This growth in price follows Ripple’s response to the letter of supplemental authority from the US Securities and Exchange Commission (SEC) regarding its motion for summary judgment on April 13, 2021.

In the letter, Ripple’s lawyer, Michael K. Kellogg, countered the SEC’s argument in the Commonwealth case, stating that it did not apply to the legal battle between the crypto firm and the financial regulator. The SEC had previously argued that its enforcement action against the investment firm Commonwealth Equity Services provides additional authority for the court to reject Ripple’s fair notice defense claims.

Kellogg said that the Commonwealth case was “an out-of-circuit, unpublished district court opinion.” Moreover, he argued that the case lacked contemporaneous evidence to support its defense. Kellogg noted that “reasonable market participants, trying to understand what the SEC would permit or prohibit, concluded that Defendants’ offers and sales of XRP were not ‘investment contracts,’ and told the SEC so.”

XRP Soars 4 In Response to Ripples SEC Victory 2

Kellogg further pointed out that there was abundant evidence that the SEC was aware of the widespread regulatory confusion and helped to sow it by repeatedly offering (and then disclaiming) vague guidance that differed from the Howey test. He concluded that the SEC’s argument that it had an “unbroken chain of district court decisions rejecting fair notice defenses” was irrelevant to its case, as the regulator’s reliance on them had already been rejected by the court.

Earlier in the week, a pro-XRP lawyer, Jeremy Hogan, highlighted why the SEC’s classification of XRP was wrong. Hogan argued that the token doesn’t fit into the “investment contract” category espoused by the financial regulator. Hogan’s argument was based on the fact that XRP is not a security because it has a functional use beyond being an investment contract. He also pointed out that the Howey test used by the SEC to determine whether a token is a security does not apply to XRP. Overall, these developments suggest that the legal battle between Ripple and the SEC is far from over and that the outcome of the case could have significant implications for the future of the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Ripple

SEC

SEC Victory

XRP

XRP Soars

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Uncategorized

XRP Soars 4% In Response To Ripple’s SEC Victory

Key Points:

  • Ripple’s XRP surged by 4% in the last 24 hours to $0.53475 after its response to the SEC’s letter of supplemental authority.
  • Ripple’s lawyer, Michael K. Kellogg, countered that the SEC’s Commonwealth case argument doesn’t apply to the legal battle between the crypto firm and the financial regulator.
  • ????Kellogg noted that “reasonable market participants” concluded that Defendants’ offers and sales of XRP were not investment contracts, and told the SEC so.
Ripple’s XRP has shown significant growth in the last 24 hours, rising by 4% to reach a high of $0.53475 at the time of writing.
XRP Soars 4 In Response to Ripples SEC Victory 1

This growth in price follows Ripple’s response to the letter of supplemental authority from the US Securities and Exchange Commission (SEC) regarding its motion for summary judgment on April 13, 2021.

In the letter, Ripple’s lawyer, Michael K. Kellogg, countered the SEC’s argument in the Commonwealth case, stating that it did not apply to the legal battle between the crypto firm and the financial regulator. The SEC had previously argued that its enforcement action against the investment firm Commonwealth Equity Services provides additional authority for the court to reject Ripple’s fair notice defense claims.

Kellogg said that the Commonwealth case was “an out-of-circuit, unpublished district court opinion.” Moreover, he argued that the case lacked contemporaneous evidence to support its defense. Kellogg noted that “reasonable market participants, trying to understand what the SEC would permit or prohibit, concluded that Defendants’ offers and sales of XRP were not ‘investment contracts,’ and told the SEC so.”

XRP Soars 4 In Response to Ripples SEC Victory 2

Kellogg further pointed out that there was abundant evidence that the SEC was aware of the widespread regulatory confusion and helped to sow it by repeatedly offering (and then disclaiming) vague guidance that differed from the Howey test. He concluded that the SEC’s argument that it had an “unbroken chain of district court decisions rejecting fair notice defenses” was irrelevant to its case, as the regulator’s reliance on them had already been rejected by the court.

Earlier in the week, a pro-XRP lawyer, Jeremy Hogan, highlighted why the SEC’s classification of XRP was wrong. Hogan argued that the token doesn’t fit into the “investment contract” category espoused by the financial regulator. Hogan’s argument was based on the fact that XRP is not a security because it has a functional use beyond being an investment contract. He also pointed out that the Howey test used by the SEC to determine whether a token is a security does not apply to XRP. Overall, these developments suggest that the legal battle between Ripple and the SEC is far from over and that the outcome of the case could have significant implications for the future of the cryptocurrency industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Visited 79 times, 1 visit(s) today