a response to the Securities and Exchange Commission's recent letter of supplemental authority in support of its motion for summary judgment in the ongoing case against the San Francisco-based blockchain company. a District of Massachusetts court decision, SEC v. Commonwealth Equity Servs., LLC, in which the court found that the defendant had violated negligence-based provisions of the Investment Advisers Act of 1940 relating to disclosure failures.
In their response, Ripple argues that the Commonwealth case supports their position since it underscores the importance of fair notice in legal proceedings. The SEC's letter contends that the precedent set by the Supreme Court case Howey and its progeny provided Ripple with sufficient fair notice to defeat their constitutional defense. However, Ripple's lawyers maintain that the SEC's reliance on
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