Taking aim at one of Ripple’s core legal arguments, the U.S. Securities and Exchange Commission (SEC) is asking a court to dismiss Ripple’s defense that there was “lack of due process and fair notice,” contending that the government had no duty to warn Ripple that XRP was a security, according to a new legal filing on April 22.
“The thrust of Ripple’s defense is that the SEC was obligated to but did not specifically warn Ripple that it was violating the law before the SEC filed suit,” argued the SEC in the preliminary statement of a memorandum of law filed in support of its motion to strike Ripple’s “lack of due process and fair notice” defense.
