Ripple Claims Lack of Notice

In a memo filed to counter previous SEC motions, Ripple claims that “key parts of discussions” were omitted in attempts to dismiss its defense against the allegation that Ripple’s XRP crypto-currency sales constitute sale of unregistered securities. The SEC quoted Ripple as stating that its request for communications “[had] great relevance …to [its] fair notice defense.” Ripple says that its full statement means that the request was relevant whether its defense was successful or not. Ripple also claims that the SEC misquoted a statement from the case’s judge in saying that discovery of internal communications “could conceivably be relevant to Ripple’s fair notice defense.” According to Ripple the judge meant that the charges simply opened the door to such discovery. The SEC is on record as stating that to its awareness, “no federal court has accepted a defendant’s argument” around lack of notice.