Ripple Intensifies Defense With New Submission In SEC Case

This post was originally published on Bitcoinist

Ripple Labs has filed a notice of supplemental authority to bolster its stance in the enduring legal face-off with the Securities and Exchange Commission (SEC). This filing was made to the United States District Court for the Southern District of New York in response to the SEC’s motion seeking remedies and final judgment.

Ripple Uses Binance Ruling

The core of the defense leverages a recent ruling from the US District Court for the District of Columbia in the case of SEC v. Binance Holdings, Ltd., No. 1:23-cv-01599-ABJ-ZMF. The Binance decision, issued on June 28, 2024, partially granted and partially denied the SEC’s allegations that Binance engaged in sales of unregistered securities.

The court determined that the SEC did not present sufficient evidence to show that secondary market transactions involving BNB tokens on crypto exchanges qualified as securities transactions. Ripple cites this decision as a pivotal reference, arguing its relevance due to its analytical parallels with it’s own ongoing litigation.

In their detailed reference to the Binance ruling, Ripple’s legal team highlights a significant observation by the Binance court: “[I]ntangible digital assets do not fit neatly into the rubric set forth in the mere seven pages that comprise the Howey opinion.”

Read the rest of this post, which was originally published on Bitcoinist.

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