SEC Dismisses Ripple's Binance Case Precedent Argument

IconCryptoNewsTerminal Staff03 Jul, 2024

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SEC Dismisses Ripple's Binance Case Precedent Argument

The Securities and Exchange Commission (SEC) has rejected Ripple's attempt to use the Binance case as a precedent in its ongoing lawsuit. The SEC argued that the Binance decision is irrelevant to the Ripple case and accused Ripple of trying to inject issues from other proceedings into the dispute. This latest development comes after Ripple filed an opposition to the SEC's motion for remedies, arguing that the SEC's case should be dismissed. Ripple cited the Binance case as a precedent, arguing that the SEC had failed to prove that XRP was a security. However, the SEC has now filed an opposition to Ripple's motion, arguing that the Binance decision is not relevant to the Ripple case. The SEC said that the Binance case involved different facts and legal issues, and that the court should not consider it as a precedent in the Ripple case. The SEC's opposition is a setback for Ripple, but it is not clear how the court will rule on the matter. The court could still consider the Binance case as a precedent, even if the SEC argues that it is not relevant.

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