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After filing a lawsuit against Ripple in the month of December and suing its executives for making profits from the sale of the unregistered securities, the independent agency of the United States Securities and Exchange Commission (SEC) is now moving ahead to strike the defenses of the blockchain payments giant. However, Ripple has given its response regarding this motion.
Ripple Labs Issues Letter To Federal Judge
The United States-based blockchain payments company has issued a letter to Analisa Torres, the Federal Judge in which it has given its response to the anticipated motion of the US SEC that it is conducting for striking the so-called fair notice defenses of Ripple.
In the letter, the company has clearly regarded it meritless as the company stated in the letter:
“The SEC’s anticipated motion to strike is meritless. The striking of affirmative defenses is disfavored in this Circuit, and the SEC cannot remotely meet the high burden of showing that there is no question of fact or law that might allow the defense to succeed.”
Furthermore, the company has also asked the Court to set a default briefing schedule, which should not be linked to the motions of the individual defendants.
Defenses of Ripple are not proper legally
While on the other hand, if we look at the claim of the SEC, it says that the defenses of the blockchain payments giant are not proper legally as the company was not required to give a warning to digital currency exchanges regarding the violations of the firm because the company was still going through the investigation process.
The lawsuit battle between these two is still heating up, and it may further heat as we see clear responses from both of the parties.
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