Ripple’s XRP jumped by 9.02% on Friday, bucking the broader crypto market trend on the day. News updates on the Ripple v SEC case delivered XRP support, while the rest of the crypto majors tracked the U.S equity markets into the red.
Fair Notice Defense Decision in Favor of Ripple
On Friday, court documents revealed that the presiding judge over the SEC v Ripple case would allow Ripple to use a fair notice defense.
The decision is pivotal to Ripple’s defense and argument that the SEC failed to notify Ripple Lab of a possible violation of SEC laws.
The latest ruling follows a previous judgment in favor of Ripple Lab. In early February, the court ruled in favor of unsealing two legal opinions.
General counsel for Ripple Lab, Stuart Alderoty, took to Twitter in response to the court ruling, saying,
“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law”.
Brad Garlinghouse tweeted,
“If you weren’t paying attention then, you should now. Huge win for Ripple today!”
The latest court ruling ties in with the two legal opinions that demonstrated Ripple Lab’s efforts, to remain within the boundaries of U.S laws and, more importantly, to address any concerns vis-à-vis the classification of digital assets.
February Court Rulings in Favor of Ripple Lab
The first of the two documents was in relation to NewCoin and the second Ripple Network/OpenCoin
In the first opinion, dated 8th February 2012, Perkins Coie LLC concluded that: