Ripple Labs submits notice of supplemental authority in SEC case, following recent court ruling on Binance.US 🏛

🔸 As per a July 2 announcement from Binance, a U.S. federal court ruled that cryptocurrencies and secondary sales of the $BNB token do not constitute securities, marking another significant win for the crypto industry.

🔹 Following this, Ripple Labs submitted a notice of supplemental authority relating to the pending judgement between Ripple and the SEC. The firm argued that the Binance ruling ultimately supports its defence against the SEC’s assertions that Ripple violated securities laws.

🔸 The court ruled in favor of the SEC on some issues and Binance on others, however the judge noted that “digital assets do not fit neatly into the rubric set forth in the mere seven pages that comprise the Howey opinion.”

🔹 While they also questioned the SEC’s apparent regulation by enforcement approach, suggesting that it’s “probably not an efficient way to proceed, and it risks inconsistent results that may leave the relevant parties and their potential customers without clear guidance.”

Could this Binance ruling potentially signal another win for Ripple? 🤔