{"id":195583,"date":"2021-07-24T05:00:06","date_gmt":"2021-07-24T04:00:06","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=195583"},"modified":"2021-07-23T15:15:41","modified_gmt":"2021-07-23T14:15:41","slug":"ripple-transfers-60-million-xrp-as-lawsuit-crawls-on","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-transfers-60-million-xrp-as-lawsuit-crawls-on\/","title":{"rendered":"Ripple transfers 60 million XRP even as US SEC lawsuit crawls on"},"content":{"rendered":"

To bolster its fair notice defence in a lawsuit <\/span>filed <\/span><\/a>by the Securities Exchange Commission (SEC), Ripple (<\/span>XRP<\/span><\/a>) <\/span>claims<\/span><\/a> two of their sitting Commissioners have spoken out about the lack of clarity on how securities laws apply to crypto.\u00a0<\/span><\/p>\n

Meanwhile, Ripple and Binance got caught on the radar as 110 million XRP tokens worth roughly $65,105,100 got moved by the former yesterday.<\/span><\/p>\n

Crypto mom\u2019s XRP candidness\u00a0<\/strong><\/h2>\n

Ripple\u2019s legal defense used a recent public statement by SEC Commissioners Hester M. Peirce, also known under the nickname \u201ccrypto mom,\u201d and Elad L. Roisman to support their argument \u201cthat during the time relevant to the case, members of the public did not have fair notice of what the law requires.\u201d<\/span><\/p>\n

According to the defense, the statement by the two sitting SEC Commissioners who have \u201ccandidly explained\u201d that there is a \u201cdecided lack of clarity for market participants around the application of the securities laws\u201d to cryptocurrencies and their trading, which ought to be taken into consideration as it supports the opposition to the SEC\u2019s pending motion to strike Ripple\u2019s fair notice defense.\u00a0<\/span><\/p>\n

Ripple\u2019s <\/span>defense<\/span><\/a> against the SEC\u2019s accusations is based on the assertion that the agency failed to warn the company about the fact that their cryptocurrency is unregistered security, which the SEC moved to strike as legally insufficient on May 7.<\/span><\/p>\n

Ripple\u2019s defense strategy got bolstered as the sitting Commissioners themselves stated that \u201cthe only certainty [they] see is that people have questions about how to comply with the applicable laws and regulations.\u201d\u00a0<\/span><\/p>\n

\u201cThose observations support Ripple\u2019s contention that a \u201cperson of ordinary intelligence,\u201d as of 2013, 2017, or even today, had no \u201creasonable opportunity to know what is prohibited\u201d by the securities laws in the context of a digital asset such as XRP,\u201d read Ripple\u2019s letter to the court.<\/span><\/p>\n

The SEC promptly <\/span>filed<\/span><\/a> a response, stating those remarks were made by Commissioners Pierce and Roisman and were not statements made by the SEC, thus arguing they should have no authority with the court.\u00a0\u00a0<\/span><\/p>\n

Caught on radar<\/strong><\/h2>\n

Meanwhile, the large transaction tracker caught Ripple and Binance on its radar as 110 million XRP tokens worth roughly $65,105,100 got moved.<\/span><\/p>\n

\n

? ? ? 60,000,000 #XRP<\/a> (35,237,154 USD) transferred from Ripple to unknown wallethttps:\/\/t.co\/vorZWn7WkN<\/a><\/p>\n

— Whale Alert (@whale_alert) July 22, 2021<\/a><\/p><\/blockquote>\n