Ripple Could Win, Court Rejects SEC's Fair Notice Motion

Ripple could potentially win from the SEC. (Pixabay)

JAKARTA – Ripple (XRP) which is currently at loggerheads with the US Securities and Exchange Commission (SEC) has the potential to win after the court rejected a fair notice motion filed by the SEC. This is a positive sentiment towards Ripple.

Brad Garlinghouse, CEO of Ripple, announced the development of the case on Twitter. He called the court's rejection of the SEC a "huge win for Ripple."

Meanwhile, Garlinghouse thinks Ripple officials may want their case to end soon. However, the SEC has not been able to prove its allegations. The Ripple boss revealed that he believes the SEC's motion will be rejected by the court.

Stuart Alderoty, Ripple's counsel, tweeted about the latest developments in the court. He supports serious questions about whether the SEC has ever notified Ripple of the sale of unregistered securities, which are legally prohibited. He said the court's decision to reject the SEC's 'fair notice' motion was a good one.

On March 12, New York district judge Analys Torrens issued a ruling: “The SEC motion to attack Ripple's fair notification affirmative defense is REJECTED.”

Torrens noted the agency did not think Ripple's motion was timely, the court could not find it invalid. This proves that the SEC lawsuit failed to file a motion against Ripple and the entire lawsuit could be dropped, as reported by CryptoGlobe.

In December 2020, the SEC took Ripple to court alleging that the company and its officials sold XRP as unregistered securities. This caused Ripple to postpone plans to go public.

The first phase of the lawsuit ended on February 28. The regulator's feud with Ripple is predicted to end in November 2022. This will decide the winner of the lawsuit and be an important moment for important regulations related to crypto in Uncle Sam's country.