End To SEC’s Stance In Legal Tussle Against Ripple? XRP Price To $2 Inevitable?

SEC vs Ripple XRP

The world of cryptocurrencies has come across an overwhelming event, which was the dire need for the industry. The event comes as Ripple files its Sur-Reply to the SEC’s motion to strike the fair notice affirmative defense. The filing has brought in much-needed zeal in the crypto business. Which has reinforced the community’s stance against rivals.

The aforementioned filing has constituted the facts and figures which refute the irrational allegations made by the plaintiffs. Giving the defendants and the industry, in general, an added advantage against the prevailing and any future allegations. In the interim, the XRP army has been rejoicing over the befitting comeback with the filing. And are now bullish over the future price projections of XRP.

Is Ripple’s Win Now The Win Of The Crypto Industry?

Advocate James K. Filan has brought to notice that Ripple has filed its Sur-Reply. Regarding the motion from the SEC, to strike the “Fair Notice Affirmative Defense”. As previously reported by CoinPedia, it was on the 7th of June 2021, when Ripple had filed the motion to submit a Sur-Reply. Which has now been filed on the 9th of February 2022.

The SEC had asserted that it can strike Ripple a fair notice defense, based on the prior lawsuits against crypto companies. However, the filing cites that, 37 out of the 75 cases cited in the Cornerstone report. Did not involve any sale of digital assets, while the other half were from the ICO context. Since Ripple never had an ICO, the defendants refute the claims made by the SEC.

The defendants cite that, as per the Cornerstone report, the SEC’s established pattern of asserting Section 5 violations. Only in the context of ICOs, and not in the context of the already established digital assets, that further supports Ripple’s motion. The defendants have requested the court to disregard the Cornerstone report, and that it should reject SEC’s request to take a judicial note of it.

Successively, the defendants also cite that, even if the court considers the report. It would provide additional support for Ripple’s opposition. From document 423-1, the 73rd case can be seen acknowledged as ”Yes” under all 3 questioning terms. That are for alleged unregistered sale of securities, based on the sale of digital assets. And “Outside the ICO context?”, which has brought cheer amongst the supporters.

Summing up, folks from the XRP army have been rejoicing over the stars inclining in favor of the digital asset. The ebbing stance of the SEC has been an added advantage for the entire crypto industry. As a clarity to XRP would eventually mean clarity for the broader market.

The previous hearing did provide XRP price an impetus, which still remains up about 44.2% since the past week. That said, justice prevailing in favor of Ripple would skyrocket XRP price.

Original Source :coinpedia.org

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