XRP Rises >15% as Ripple Wins the “Fair Notice Defense, But Now What”?

The San Francisco-based payment company has long argued that the SEC has not given adequate notice that XRP is considered a security. In fact, Ripple CEO Brad Garlinghouse had repeated same in a Feb 19 tweet. Nevertheless, when Defendant sensed a potential win, the SEC had sided with several significant strikes.

Checkmate?

Ripple Labs (defendant) struck again as judge, Analisa Torres refused the SEC’s motion to bar Ripple from using a “Fair Notice Defense”. James K. Filan, a famous attorney who closely follows updates to the lawsuit, tweeted this on March 12.

Ripple has argued in his favor over the regulator’s failed move to pre-advance the public sale of XRP. The SEC also “proven plausibly” that the individual defendants made domestic offers of the token.

Interestingly, on March 12, the court dismissed the claim stating that XRP’s sales were predominantly foreign. The court “will not conclude” that Ripple’s affirmative defense is invalid at this stage of the case. Further, the judge argued that the agency would not suffer “undue bias” as a result of the continuation of the defense.

Stuart Alderoygeneral advisor at Ripple, declared the following with regard to today’s court ruling:

In addition, legal expert Jeremy Hogan commented the following:

“I know you’ve been working this week on the pending rulings in the Ripple v. SEC case. On behalf of myself and certain other interested parties, we would like to receive these statements TODAY, if possible (…). TREE!

SEC’s motion to override Fair Notice Defense is DENIED. This is the one I’ve been waiting for. NOW the SEC has something to lose.”

Garlinghouse, also took to Twitter to describe the “fair notice” statement. He saw it as a “huge victory” for the defendants, regardless of his failed motion to dismiss the lawsuit. That said, he keep trusting that the SEC’s allegations would be dismissed.

All in all, this was indeed a huge development that would bring greater legal clarity and certainty to the rest of the market.

For a while

Source: CoinMarketCap

As a result of these recent developments, the native token XRP is up more than 15% at the time of writing, so welcome this victorious sentiment. At press time it was trade at $0.81 according to CoinMarketCap.

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