The case between the SEC and Ripple has been going on for a while now, and many would agree that it is Ripple who has been bearing the brunt of the negative consequences. For those who might still be unaware, the reason for SEC’s lawsuit levied against Ripple is due to the latter’s token, XRP, having security-like functions and tendencies. Ripple naturally denied these allegations, and some XRP holders even went as far as pleading to Judge Analisa Torres to let them act as a third-party defendant on Ripple’s behalf, seeing as how they had the most to lose in their opinion. This request for intervention, however, has since been denied.
In the latest development, Ripple has now asked the aforementioned Judge Torres to consider their ‘fair notice’ motion of defense in a continued effort to reduce some of the damage being caused to them by the SEC’s allegations.
Motion to strike meritless, according to Ripple
It is worth pointing out that there may be some truth to the allegations made by the United States Security and Exchange Commission, as quite a few investors have often criticized Ripple regarding its suspicious activities and potential for malpractice. Still, Ripple, to their credit, has remained adamant in fighting these allegations in any way they can and have now accused the SEC’s motion to strike as lacking any real merit.
Ripple representatives wrote a letter to Judge Torres asking her to thus consider the possibility that the SEC may simply be abusing its power to negatively impact Ripple and their success and have asked her to view the motion to strike by the SEC as meritless. They have based this on the idea that there is no pre-existing law that dictates the action taken by the SEC, and as such, it should not be allowed to continue.
Ripple holds ground as SEC attack continues
In a continued effort to put on the pressure, the SEC has refused to adhere to Ripple’s requests. They even went as far as to claim that they are not under any legal obligation to ask permission from Ripple, or any crypto exchange for that matter, for the implementation of their actions. Additionally, they claimed that Ripple had been granted several warnings in the past, and it was only their failure to act upon those warnings that they now find themselves in the situation they are in.