Legal Battle Between Ripple and SEC: SEC Challenges Binance Ruling's Significance in XRP Case

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by Giorgi Kostiuk

2 years ago

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Legal Battle Between Ripple and SEC

The ongoing legal clash between Ripple and the SEC has reached a critical juncture, especially after the recent ruling concerning Binance's BNB token. In a new development, Ripple submitted a Notice of Supplemental Authority citing the Binance ruling, to which the SEC responded by asserting the irrelevance of the Binance ruling in the XRP case.

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Regulators clarified their position by underscoring the court's discussion on the SEC's 2017 DAO report, highlighting the distinct nature of the Binance ruling compared to the ongoing XRP legal proceedings.

SEC's Stand

Ripple Labs and the SEC have made significant advancements in their legal contest, with the SEC issuing its reply during the remedies phase of the lawsuit. In response to the remedies brief, the SEC challenged Ripple's claim that the company operated without recklessness and disputed the notion that there should be no uncertainty about XRP's legal status, despite the court's previous rejection of the 'fair notice' defense.

Attorney James Filan shared a portion of the SEC's response to Ripple's Notice of Supplemental Authority, revealing the regulators' dismissal of Ripple's arguments.

The intensifying conflict between Ripple and the SEC underscores the intricate legal landscape in the cryptocurrency sector, symbolizing the contrasting viewpoints and interpretations within the industry.

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