The SEC has argued that a court case it recently won further weakens Ripple Labs’ 'fair notice' defense.
The SEC argued that the longstanding Supreme Court precedent which gave rise to the Howey test — which is used to determine what constitutes a security — provides Ripple Labs with fair notice as to what a security is, just as the precedent referred to in the Commonwealth case had.
The SEC added its case with Commonwealth provides “additional authority” for rejecting Ripple’s fair notice defense.
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