More than 3.5 years after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020, just ahead of the bull season, the SEC submitted to the court its final overview of the court’s “due process” phase.

“They continue despite the denial of fair notice”

In its assessment to the court, the SEC also addressed the issue of lack of fair notice, which Ripple has long relied on, and stated that Ripple is still arguing that there is uncertainty about the status of XRP, despite the court’s previous rejection of this defense. The SEC stated that this defense was not correct and opposed it.

The SEC claimed that Ripple was still selling XRP unregistered and suggested that the firm had failed to fulfill most of its responsibilities since the initial coin offering in 2013.

Ripple’s new stablecoin may also be in jeopardy

The SEC also claimed that Ripple wants to launch a new unregistered coin and said, “The company intends to issue a new unregistered crypto asset such as XRP.”

It is thought that this cryptocurrency mentioned by the SEC is Ripple’s previously announced but still undisclosed stablecoin. In other words, it seems that if this coin is released, it will be examined by the SEC.

On the other hand, since the case has not yet been finalized, a lot of information and details in the SEC’s response have not been made public as a result of censorship by the agency.

The courts’ remedy process aims to award damages or other legal remedies to the plaintiff. That is, at this stage, the court decides what sanctions to impose against the defendant in order to compensate the plaintiff (in this case, the SEC) for the harm suffered and to recover the ill-gotten gains. However, there is a possibility that no such decision will be made.