The U.S. Securities and Exchange Commission (SEC) failed to provide “fair notice” that XRP transactions violated the law or that the SEC would later claim XRP itself to be an investment contract, says Ripple Labs in its latest court filing.
In a 100-page legal document filed on Mar. 4 in response to the SEC’s first amended complaint, San Francisco-based payments technology company Ripple provided additional details on its fair notice defense. “Prior to the SEC’s Complaint, countless market participants for years transacted in XRP believing it was not an investment contract,” the document stated.
Ripple’s latest filing is a response to the SEC’s amended complaint and follows the pre-trial conference last month. The case is being closely watched by the industry given the potential impact on XRP investors and the legal precedent it could set for other cryptocurrencies.
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