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James K Filan - the SEC with another delay tactic


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Some helpful comments from the Twitter reply's to this motion....


This is a strange supplemental filing. It relates to fair notice and is saying this should reinforce why SEC should win SJ… however, Ripple has not moved any fair notice defence fwd in its SJM, so this is actually irrelevant to what Judge Torres is going to base a decision on.


Looks like the case they are relying on 'Commonwealth' is more of a brokerage with undisclosed kickbacks it recieved, it does mention fair notice was denied for 'Commonwealth' defense but it appears the sec is grasping at unrelated precedents. Am I wrong?


Basically, SEC says that Howey covers everything even if has never been applied that way and so since it covers everything then there is no need for fair notice. Howey needs an investment contract or at least an investment promise. Not a market.

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