SNEAK PEEK:
- Ripple has filed a supplemental letter to support its fair notice defense.
- The letter cites a recent US Supreme Court ruling in Bittner v. U.S.
- Attorney John Deaton believes that the recent ruling could bolster Ripple’s fair notice defense.
Ripple has submitted a supplementary letter in support of its fair notice defense in the ongoing legal battle with the SEC over whether XRP is a security. In a recent tweet, attorney James K. Filan revealed that Ripple cited a recent US Supreme Court ruling in its letter, which favored a defendant in a similar case.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple files Letter Regarding recent Supreme Court case that supports Ripple’s Fair Notice Defense. “This opinion strongly supports Defendants’ fair notice defense. . . . [because] the government’s prior guidance https://t.co/bXwiI3IDVj… https://t.co/9Zv6RKBXoc
— James K. Filan ???? (@FilanLaw) March 3, 2023
The ruling highlighted the rule of lenity, stating that the court should rule in favor of the defendant in unclear cases. Ripple states;
This opinion strongly supports Defendants’ fair notice defense. As in Bittner, the relevant statutory provisions … provide no discussion specific to the facts of this case. And as in Bittner, many experienced securities law practitioners and industry participants were unable to anticipate the government’s current theory. Accordingly, as in Bittner, ‘the government’s current theory poses a serious fair-notice problem
Ripple argued that the lack of clear crypto market rules and SEC director Bill Hinman’s endorsement of Bitcoin and Ethereum as non-securities were reasons why it could not anticipate the SEC’s enforcement action against Ripple.
Attorney John Deaton, who represents thousands of XRP holders, clarified that Ripple’s submission was not a sign of weakness but rather a reaction to a ruling that could be relevant to the case.
A lot of people are speculating on why @Ripple would file this now. Some people are saying its b/c Ripple knows it will lose or b/c they’re less confident. It’s a very simple reason why it was filed. The decision is from the Supreme Court and it was handed down only 4 days ago. https://t.co/Rqa3ysboaM
— John E Deaton (@JohnEDeaton1) March 3, 2023
Attorney John Deaton believes that a recent US Supreme Court ruling could strengthen Ripple’s fair notice defense if Judge Analisa Torres determines that the company sold XRP as a security at any point.
