The United States Securities and Exchange Commission (SEC) has filed a response to the letter from the Ripple Defendants concerning supplemental authority from the Bittner and Voyager cases. The letter, written on March 23, was sent to Analisa Torres, the Judge of the United States District Court for the Southern District of New York. In the letter, the SEC claims that it does not apply to Ripple’s fair notice defense that the two justices relied on the lenity rule in their collective opinion in the Bittner vs US case.
The SEC further claimed that Voyager is not in any way helping the defendants as well. The company recently proposed a bankruptcy plan for the potential sale of a crypto asset named Conglomerates to another company, which included potential rebalancing transactions of Voyager’s holdings of a crypto asset known as “VGX.” The SEC raised an objection relating to the particular circumstances of the bankruptcy sale of Voyager’s assets, raising the possibility that the sale may raise issues under the securities law.
Attorney Jeremy Hogan has responded to the SEC’s letter, stating that it does nothing to change the Voyager judge’s ruling. Hogan further asserts that the response from the SEC raises valid points regarding the Bittner case. He remarks that the SEC’s attempt to suggest that the Voyager judge did not say that the crypto industry deals with a glaring uncertainty is “smirkable.”
The crypto community has responded to the SEC’s letter, stating that it has little to no impact on one of the cases. It appears that the two cases (Voyager and Bittner) are bad for the SEC and that the response from the regulatory body slightly negates Bittner’s decision, but fails to take away from the Voyager judge’s ruling.
The Ripple case involving the SEC and crypto firm Ripple has been ongoing for years. The SEC has accused Ripple of illegally selling unregistered securities in the form of XRP, Ripple’s native cryptocurrency. Ripple has consistently claimed that it has done nothing wrong and has been seeking to dismiss the case. However, the company has suffered a few setbacks in its efforts.
Many members of the crypto community have been closely following the Ripple case, as it could have implications for the industry as a whole. If the SEC’s claims are upheld, it could mean that other crypto firms could also face legal action for selling unregistered securities. However, if Ripple is able to successfully dismiss the case, it could mean that other firms will be able to continue operating without fear of regulatory action.
For now, it appears that the Ripple case is still ongoing and that both sides are continuing to fight vigorously. It remains to be seen what the final outcome of the case will be, but it is clear that the crypto community will be watching closely as events unfold.
