SEC Reply Memorandum of Law in Support of Its Motion To Strike

Case 1:20-cv-10832-AT-SN Document 205 Filed 05/27/21 Page 1 of 21
UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK
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SECURITIES AND EXCHANGE COMMISSION, :
:
Plaintiff, : 20 Civ. 10832 (AT) (SN)
:
- against - : ECF Case
:
RIPPLE LABS, INC., BRADLEY GARLINGHOUSE, :
and CHRISTIAN A. LARSEN, :
:
Defendants. :
:
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PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S

REPLY MEMORANDUM OF LAW IN SUPPORT OF ITS MOTION TO STRIKE
DEFENDANT RIPPLE LABS, INC.’S FOURTH AFFIRMATIVE DEFENSE
Jorge G. Tenreiro
Mark R. Sylvester
Robert M. Moye
Benjamin J. Hanauer
Daphna A. Waxman
Jon A. Daniels
Ladan F. Stewart
Attorneys for Plaintiff

SECURITIES AND EXCHANGE
COMMISSION
New York Regional Office
200 Vesey Street, Suite 400
New York, New York 10281
(312) 353-8642 (Hanauer)
hanauerb@sec.gov
May 27, 2021

TABLE OF CONTENTS
TABLE OF AUTHORITIES ........................................................................................................................ iii
PRELIMINARY STATEMENT .................................................................................................................... 1
BACKGROUND .............................................................................................................................................. 3
UNDISPUTED FACTS RELEVANT TO RIPPLE’S AFFIRMATIVE DEFENSE .......................... 4
COURTS ROUTINELY STRIKE AFFIRMATIVE DEFENSES IN SEC ACTIONS ..................... 7
UPTON DOES NOT SUPPORT RIPPLE’S AFFIRMATIVE DEFENSE .......................................... 8
COURTS HAVE UNIFORMLY REFUSED TO APPLY UPTON TO NEGATE

SECURITIES LAWS VIOLATIONS .........................................................................................................10
SUSTAINING RIPPLE’S UPTON DEFENSE WOULD PREJUDICE THE SEC .........................13
CONCLUSION ...............................................................................................................................................15
ii
TABLE OF AUTHORITIES
Cases
Albanese v. Florida Nat’l Bank,

823 F.2d 408 (11th Cir. 1987) .............................................................................................................. 5-6
Bailey v. J.W.K. Prop., Inc.,
904 F.2d 918 (4th Cir. 1990) .................................................................................................................... 6
Bell Atlantic Corp. v. Twombly,
550 U.S. 544 (2007) ................................................................................................................................... 7
Continental Mktg. Corp. v. SEC,
387 F.2d 466 (10th Cir. 1967), cert. denied, 391 U.S. 905 (1968) ........................................................... 5
D’Alessio v. SEC,
380 F.3d 112 (2d Cir. 2004) .................................................................................................................... 11
FTC v. Wyndham Worldwide Corp.,
799 F.3d 236 (3d Cir. 2015) .................................................................................................................... 10
GEOMC Co. v. Calmare Therapeutics Inc.,
918 F.3d 92 (2d Cir. 2019) ........................................................................................................................ 7
Glen-Arden Commodities, Inc. v. Costantino,
493 F.2d 1027 (2d Cir. 1974) ................................................................................................................... 5
Global Green, Inc. v. SEC,
631 Fed. Appx. 868 (11th Cir. 2015) .................................................................................................... 11
Graham v. SEC,
222 F.3d 994 (D.C. Cir. 2000) ................................................................................................................ 10
In re Initial Public Offering Secs. Litig.,
241 F. Supp. 2d 281 (S.D.N.Y. 2003) ................................................................................................... 15
In re Shipley,
45 S.E.C. 589 (1974) .................................................................................................................................. 9
Long v. Shultz Cattle Co.,
881 F.2d 129 (5th Cir. 1989) .................................................................................................................... 6
McCarthy v. SEC,
406 F.3d 179 (2d Cir. 2005) .................................................................................................................... 11
Miller v. Central Chinchilla Group, Inc.,
494 F.2d 414 (8th Cir. 1974) .................................................................................................................... 5
SEC v. Alpine Secs. Corp.,
308 F. Supp. 3d 775 (S.D.N.Y. 2018) ................................................................................................. 7, 8
iii
SEC v. Aly,
2018 U.S. Dist. LEXIS 172467 (S.D.N.Y. Oct. 5, 2018) ................................................................... 11
SEC v. Am. Growth Funding II, LLC, No. 16-cv-828,
2016 WL 8314623 (S.D.N.Y. Dec. 30, 2016), adopted in full, 2017 WL 728701 (S.D.N.Y. Feb. 22,
2017 .................................................................................................................................................. 7, 13, 14
SEC v. Am. Trailer Rentals Co.,

379 U.S. 594 (1965) ................................................................................................................................... 5
SEC v. Capital Gains Research Bureau

375 U.S. 180 (1963) .................................................................................................................................... 15
SEC v. Czarnik,
2010 U.S. Dist. LEXIS 125463 (S.D.N.Y. Nov. 29, 2010) .................................................................. 5
SEC v. Druffner,
353 F. Supp. 2d 141 (D. Mass. 2005) .................................................................................................... 11
SEC v. Edwards,
540 U.S. 389 (2004) ................................................................................................................................... 5
SEC v. Genovese,
2021 U.S. Dist. LEXIS 58323 (S.D.N.Y. Mar. 26, 2021) ..................................................................... 3
SEC v. Geon Indus., Inc.,
531 F.2d 39 (2d Cir. 1976) ........................................................................................................................ 8
SEC v. Kik Interactive Inc.,
492 F. Supp. 3d 169 (S.D.N.Y. 2020) ........................................................................................ 2, 12, 13
SEC v. KPMG LLP,
2003 U.S. Dist. LEXIS 14301 (S.D.N.Y. Aug. 20, 2003) ....................................................... 7, 13, 14
SEC v. Laura, No. 18-cv-5075

2020 WL 8772252 (E.D.N.Y. Dec. 30, 2020) ............................................................................. 7-8, 14
SEC v. McCaskey,
56 F. Supp. 2d 323 (S.D.N.Y. 1999) ....................................................................................... 7, 8, 13, 14
SEC v. Pentagon Capital Mgmt, PLC,
612 F. Supp. 2d 241 (S.D.N.Y. 2009) ................................................................................................... 11
SEC v. R.G. Reynolds Enters.,
952 F.2d 1125 (9th Cir. 1991) .................................................................................................................. 5
SEC v. River N. Equity LLC,
415 F. Supp. 3d 853 (N.D. Ill. 2019) .................................................................................................... 11
SEC v. Rosenfeld,
1997 U.S. Dist. LEXIS 10159 (S.D.N.Y. July 14, 1997) ............................................................... 7, 14
iv
SEC v. Universal Express, Inc.,

475 F. Supp. 2d 412 (S.D.N.Y. 2007), aff’d SEC v. Altomare, 300 Fed. Appx. 70 (2d. Cir. 2008) .. 3
SEC v. W.J. Howey Co.,
328 U.S. 293 (1946) ......................................................................................................................... passim
SEC v. Zandford,
535 U.S. 813 (2002) .................................................................................................................................. 15
Smith v. Gross,
604 F.2d 639 (9th Cir. 1979) .................................................................................................................... 5
United States v. Zaslavskiy, No. 17 Cr. 647,
2018 WL 4346339 (E.D.N.Y. Sept. 11, 2018) ....................................................................................... 6
Upton v. SEC,
75 F.3d 92 (2d Cir. 1996) ................................................................................................................ passim
Vale v. Great Neck Water Pollution Control Dist.,
80 F. Supp. 3d 426 (E.D.N.Y 2015) ....................................................................................................... 5
Valicenti Advisory Servs. v. SEC,
198 F.3d 62 (2d Cir. 1999) ...................................................................................................................... 11
VanCook v. SEC,
653 F.3d 130 (2d Cir. 2011) .................................................................................................................... 11
Rules
17 C.F.R. § 240.15c3-3(e) ........................................................................................................................... 8, 9
Fed. R. Civ. P. 12(f) ......................................................................................................................................... 1
Statutes
Section 5 of the Securities Act of 1933, 15 U.S.C. § 77e .................................................................. passim
Other Authorities
SEC Cryptocurrency Enforcement, Q3 2013-Q4 2020, Cornerstone Research, attached as Exhibit 1 and
available at: https://www.cornerstone.com/Publications/Reports/SEC-Cryptocurrency-
Enforcement%E2%80%94Q3-2013%E2%80%93Q4-2020.pdf).................................................. 4, 5, 10
v
Pursuant to the Court’s Scheduling Order (Dkt. 73), the SEC respectfully submits this reply
memorandum of law in support of its Rule 12(f) motion to strike Defendant Ripple Labs, Inc.’s
fourth affirmative defense of “lack of Due Process and fair notice.” (Dkt. 128). For the reasons set
forth below, and those contained in the SEC’s opening memorandum of law (Dkt. 131), the Court
should grant the SEC’s motion and strike the defense.
Preliminary Statement
The SEC solely charges Ripple with violations of Section 5 of the Securities Act of 1933, for
engaging in unregistered offers and sales of securities. Ripple concedes that Section 5 is a strict
liability offense, and that its intent or the reasonableness of its conduct is irrelevant. Trying to turn
the strict liability standard on its head, Ripple asserts a “fair notice” defense that attempts to put the
intent and conduct of the SEC, its staff, investors, and other market participants squarely at issue.
Ripple’s “fair notice” defense rests exclusively on a single decision, Upton v. SEC, 75 F.3d 92
(2d Cir. 1996), an outlier case arising under very different circumstances. Ripple hangs its hat
entirely on Upton, even though Upton has never been applied to negate violations in a SEC district
court action. Nor has any court allowed an Upton defense to defeat SEC charges of statutory
violations, such as Section 5, as opposed to the SEC’s novel interpretation of its own rules, as was
the case in Upton.
Beyond its unconvincing reliance on Upton, Ripple attempts to portray the standards for
granting a motion to strike as nearly impossible to satisfy. But Ripple ignores that courts routinely
strike Upton-style defenses that seek to put the conduct or intent of the SEC at issue, and do so at
the pleadings stage. Nevertheless, Ripple argues that the allegations in its affirmative defense create
disputed issues of fact that prevent the Court from striking the defense. Ripple is wrong.
Prior to suing Ripple, the SEC had already brought more than seventy cases that subjected other
digital assets to the application of the federal securities laws. These varied actions in the digital asset
industry are just the latest in a 75-year chain of SEC actions involving novel or nontraditional
investment products that courts have held to be subject to the SEC’s jurisdiction. Against this
background, Ripple cannot validly claim to lack notice that its offers and sales of its digital asset
could involve a security, even accepting as true every fact alleged in its affirmative defense. Indeed,
Judge Hellerstein recently evaluated an Upton defense based on facts materially indistinguishable
from those alleged by Ripple, and found the defense to fail as a matter of law. SEC v. Kik Interactive
Inc., 492 F. Supp. 3d 169, 182-83 (S.D.N.Y. 2020).
Given that Ripple’s Upton defense fails as a matter of law, even accepting Ripple’s allegations
as true, allowing Ripple to pursue the defense would significantly prejudice the SEC. Ripple relies
on the defense to justify its discovery into the internal deliberations and conduct of the SEC and its
staff. This discovery has required the expenditure of significant SEC resources, and is even more
burdensome and disproportionate given the strict liability charges against Ripple. Similarly, Ripple’s
defense, if allowed, necessarily requires discovery into the conduct and intent of, as Ripple puts it,
“countless” other market participants. Such matters are wholly irrelevant to a strict liability offense,
and the SEC and third-parties are unnecessarily prejudiced having to engage in this discovery.
Beyond prejudicing the SEC and third-parties, allowing Ripple to present its defense at trial
would heavily (and needlessly) burden the Court and jury. Ripple would greatly lengthen the trial to
proffer evidence about the SEC’s internal deliberations and the beliefs of the “countless” market
participants Ripple alleges are central to its defense. This would require rebuttal from the SEC,
further lengthening the trial. Beyond burdening the jury, the Court would need to sift through
hundreds of exhibits to assess the admissibility of evidence that has nothing to do with Ripple, such
as documents related to bitcoin and ether that Ripple claims proves its Upton defense. (Answer, Dkt.
51, at 98). Again, none of this work is or should be necessary in a strict liability case.
2
Finally, allowing Ripple to put the conduct of the SEC and third parties on trial undermines
the purpose of Securities Act, to require issuers to register their public offerings to allow investors to
make informed decisions before they invest. For this reason, ruling for Ripple would prejudice the
SEC well beyond this case, as future defendants could invoke the defense – and shift the focus away
from their own misconduct – whenever the SEC brings charges involving nontraditional investment
products. The Court should avoid creating precedent with such far-reaching implications.
Because Ripple’s “fair notice” defense fails as matter of law, because Upton does not support
the defense, because courts regularly strike similar defenses at the pleadings stage, and because
sustaining the defense would deeply prejudice the SEC, the Court should grant the SEC’s motion
and strike Ripple’s fourth affirmative defense.1
Background
The sole charge against Ripple in this action is that Ripple violated Section 5 of the Securities
Act. Section 5 is a strict liability offense, so the SEC “need not prove scienter or negligence by the
defendant.” SEC v. Genovese, 2021 U.S. Dist. LEXIS 58323, *7 (S.D.N.Y. Mar. 26, 2021); see also
SEC v. Universal Express, Inc., 475 F. Supp. 2d 412, 434 n.15 (S.D.N.Y. 2007) (“No showing of
scienter or negligence is necessary to prove a Section 5 violation, as the provision carries strict
liability.”), aff’d SEC v. Altomare, 300 Fed. Appx. 70 (2d. Cir. 2008). Ripple concedes that Section 5 is
a strict liability offense and that “[w]hether Ripple subjectively believed that its actions were lawful
or unlawful does not matter.” (Dkt. 174, at 4-5). Ripple also claims that any such evidence is
irrelevant to its Upton defense. (Id. at 4 (“As to fair notice, that defense does not turn on Ripple’s
subjective knowledge or beliefs.”)).
1
The SEC has moved to compel Ripple to produce legal advice it received on whether its digital asset is a
security, because Ripple’s Upton defense results in a waiver of the attorney-client privilege pursuant to the
fairness doctrine. (Dkt. 166). If the Court strikes Ripple’s fair notice defense, the SEC will withdraw that
motion to compel, which is currently pending before Judge Netburn.
3
Ripple’s “fair notice” defense turns the strict liability standard upside-down. Ripple hides
behind its concession that the “fair notice” test is objective, attempting to use it to block discovery
into its own intent, reasonableness, internal deliberations, and legal advice showing actual notice of
what the law requires. Yet Ripple reinjects subjectivity into the analysis, asserting (falsely) that it can
prove its defense with inquiry into the state of mind of everyone else: the SEC, its staff members,
investors, and other market participants. To that end, Ripple has sought voluminous discovery into
the SEC’s internal decision-making process with respect to other digital assets. (Dkt. Nos. 67, 81).
None of that evidence informs whether Ripple had actual or fair notice of what the law required.
While insisting that its own beliefs do not matter, to further its defense Ripple demands
inquiry into the views of various exchanges, market makers, developers of third-party products,
Ripple’s customers, and “other reasonable observers.” (Answer, Dkt. 51, at 97-98) (emphasis added).
Ripple’s defense, by its own allegations, seeks examination into the state of mind of “countless market
participants [who] for years transacted in XRP believing it was not an investment contract.” (Id., at
97) (emphasis added). Ripple thus supports the intervention of XRP investors, claiming the
investors’ “unique perspective” is relevant to the Section 5 charges. (Dkt. 152, at 13).
Undisputed Facts Relevant to Ripple’s Affirmative Defense
Ripple’s “fair notice” defense fails, in the first instance, because of the large number of
digital asset cases the SEC brought before suing Ripple.
The SEC filed its first enforcement action related to so-called “cryptocurrencies” in July
2013. (Ex. 1, SEC Cryptocurrency Enforcement, Q3 2013-Q4 2020, Cornerstone Research, available at:
https://www.cornerstone.com/Publications/Reports/SEC-Cryptocurrency-
Enforcement%E2%80%94Q3-2013%E2%80%93Q4-2020.pdf). Before suing Ripple (the 74th of
the 75 actions filed through year-end 2020), the SEC had filed an additional 72 enforcement actions
related to digital assets. (Id., Appx. 1, pp. 12-18). Of the 75 SEC digital asset cases filed between
4
2013 and 2020, 52 of the actions alleged an unregistered securities offering in violation of Section 5.
Id. Of course, each of these actions was premised on the allegation that the investment product at
issue was a “security” subject to the provisions of the federal securities laws.2
Long before the SEC began charging securities laws violations involving so-called
“cryptocurrencies” and other digital assets, the SEC brought cases where interests in novel or
unconventional investment products were deemed “securities” and subject to federal securities laws.
See, e.g., SEC v. W.J. Howey Co., 328 U.S. 293 (1946) (citrus groves); SEC v. Am. Trailer Rentals Co.,
379 U.S. 594 (1965) (automobile trailers); Continental Mktg. Corp. v. SEC, 387 F.2d 466 (10th Cir.
1967) (beavers), cert. denied, 391 U.S. 905 (1968); SEC v. R.G. Reynolds Enters., 952 F.2d 1125, 1128
(9th Cir. 1991) (“previously mined gold ore reserves”); SEC v. Edwards, 540 U.S. 389 (2004)
(payphones). Since the time the Supreme Court determined the Howey investments in citrus groves
were considered securities, the public has been on notice that Congress defined “security” broadly to
embody a “flexible rather than a static principle, one that is capable of adaptation to meet the
countless and variable schemes devised by those who seek the use of the money of others on the
promise of profits.” 328 U.S. at 299.
Beyond SEC actions, courts have routinely applied Howey to a variety of nontraditional
investments in private securities actions. See, e.g., Glen-Arden Commodities, Inc. v. Costantino, 493 F.2d
1027 (2d Cir. 1974) (whiskey); Miller v. Central Chinchilla Group, Inc., 494 F.2d 414 (8th Cir. 1974)
(chinchillas); Smith v. Gross, 604 F.2d 639 (9th Cir. 1979) (earthworms); Albanese v. Fla. Nat’l Bank,
2
The SEC does not ask the Court to consider the content, analysis, or conclusions from the Cornerstone
Research report to decide the motion to strike. Rather, the SEC requests that the Court take judicial notice of
the SEC complaints and other charging documents listed in Appendix 1 of the report. The Court may take
judicial notice of these public records, and consider them on a pleadings-stage motion. See, e.g., SEC v.
Czarnik, 2010 U.S. Dist. LEXIS 125463, *7-8 (S.D.N.Y. Nov. 29, 2010); Vale v. Great Neck Water Pollution
Control Dist., 80 F. Supp. 3d 426, 433 (E.D.N.Y 2015). Ripple itself “does not dispute that the Court can
consider information subject to judicial notice” to decide the SEC’s motion to strike. (Dkt. 172, at 12 n.5).
5
823 F.2d 408 (11th Cir. 1987) (ice machines); Long v. Shultz Cattle Co., 881 F.2d 129 (5th Cir. 1989)
(cattle feeding program); Bailey v. J.W.K. Prop., Inc., 904 F.2d 918 (4th Cir. 1990) (cow embryos).
These cases demonstrate that those offering or selling a wide range of investment products
have ample notice that their investment product, however novel or unusual, could be subject to the
federal securities laws so long as the requirements of Howey are satisfied. United States v. Zaslavskiy,
No. 17 Cr. 647, 2018 WL 4346339, at *9 (E.D.N.Y. Sept. 11, 2018) (rejecting constitutional
challenge in digital asset case, holding: “the abundance of caselaw interpreting and applying Howey at
all levels of the judiciary, as well as related guidance issued by the SEC as to the scope of its
regulatory authority and enforcement power, provide all the notice that is constitutionally
required.”). Thus, by the time the SEC sued Ripple, both Ripple and the public were on notice that
the SEC: (a) routinely charged securities laws violations involving novel and previously unregulated
investment products, and (b) had already filed a large number of actions involving digital assets.3
Against this backdrop, Ripple claims the following facts are relevant and support its “fair
notice” defense. First, Ripple alleges that many market participants engaged in XRP transactions,
yet were not sued by the SEC, and that their subjective views as to whether XRP is a security are
relevant to the fair notice analysis. (Dkt. 51, at 97). Second, Ripple points to Ripple’s settlement
with the Department of Justice and FinCEN, a settlement that involved neither the SEC nor the
federal securities laws. (Id.). Third, Ripple references a speech by the SEC’s then-Director of
Corporation Finance, in which he stated his belief that bitcoin and ether might not be currently
offered as securities, but did not mention XRP. (Id. at 98). Finally, Ripple alleges that in meetings with
3
As noted in the SEC’s opening memorandum (Dkt. 131, at 11-14), in February and October 2012 Ripple
received law firm memos correctly identifying Howey as the test to determine whether Ripple’s digital token
was a “security.” In its Answer, Ripple does not deny the memoranda’s existence. Instead, Ripple
acknowledges that the memoranda “speak for themselves” and “refers the Court to the full text of the
documents.” (Dkt. 51, ¶51). The Court may thus appropriately consider those legal memos in deciding this
motion, even though they are not necessary to show that Ripple’s Upton defense fails as a matter of law.
6
the operator of a digital asset trading platform and other market participants (but not Ripple), the
SEC staff declined to opine on whether the SEC considered XRP to be a security. (Id.). Notably, at
the time of these last two events, the SEC’s non-public investigation into Ripple was well underway,
a relevant fact known to Ripple. (Id., ¶4 (admitting the SEC had been investigating Ripple for 2 ½
years before suing Ripple)).
As discussed below, even accepting these facts, Ripple’s defense fails as a matter of law.
Accordingly, the Court should strike Ripple’s defense. And the Court should do so at the pleadings
stage to avoid further prejudice to the SEC and other third parties.
Courts Routinely Strike Affirmative Defenses in SEC Actions
Ripple seeks to portray the standards governing a motion to strike an affirmative defense as
nearly impossible to satisfy. (Dkt. 172, at 3-5). Not so. A motion to strike an affirmative defense
succeeds by showing: “(1) there is no question of fact which might allow the defense to succeed
[evaluated under the ‘plausibility standard’ of Bell Atlantic Corp. v. Twombly, 550 U.S. 544, 560 (2007)];
(2) there is no question of law which might allow the defense to succeed; and (3) the plaintiff
would be prejudiced by inclusion of the defense.” GEOMC Co. v. Calmare Therapeutics Inc., 918 F.3d
92, 96-99 (2d Cir. 2019) (quoting SEC v. McCaskey, 56 F. Supp. 2d 323, 326 (S.D.N.Y. 1999)).
Ripple claims that affirmative defenses are rarely stricken at the pleadings stage. But
pleadings-stage motions to strike affirmative defenses are commonly granted in SEC enforcement
actions. SEC v. Alpine Secs. Corp., 308 F. Supp. 3d 775, 787 (S.D.N.Y. 2018) (noting that court had
stricken estoppel, waiver, and unclean hands defenses); SEC v. KPMG LLP, 2003 U.S. Dist. LEXIS
14301, *5-12 (S.D.N.Y. Aug. 20, 2003) (striking same three defenses); SEC v. Am. Growth Funding II,
LLC, No. 16-cv-828, 2016 WL 8314623, at *3 (S.D.N.Y. Dec. 30, 2016) (striking unclean hands
defense); SEC v. Rosenfeld, 1997 U.S. Dist. LEXIS 10159 (S.D.N.Y. July 14, 1997) (same); SEC v.
7
Laura, No. 18 Civ. 5075, 2020 WL 8772252, at *3 (E.D.N.Y. Dec. 30, 2020) (striking unclean hands
and laches defenses); McCaskey, 56 F. Supp. 2d at 326-27 (striking estoppel and laches defenses).
Notably, each of these decisions struck an affirmative defense that, like Ripple’s “fair notice”
defense, sought to shift the inquiry away from defendant’s wrongdoing and attempted to place the
conduct of the SEC at issue. Id. And, with the exception of Alpine Securities, in each of these actions
the SEC charged scienter-based offenses which, unlike the Section 5 charges against Ripple,
necessarily put the intent of defendants at issue. Id. As in these cases, Ripple’s “fair notice” defense
should be stricken, at the pleadings stage, because the facts Ripple alleges do not support a legally
recognizable affirmative defense.
Upton Does Not Support Ripple’s Affirmative Defense
Ripple hinges its entire “fair notice” defense on Upton v. SEC, 75 F.3d 92 (2d Cir. 1996). But
Upton was not a district court action, and did not involve the assertion of an affirmative defense to
contest liability. Rather, Upton was an appellate review of an SEC administrative proceeding, where
the SEC was both interpreting and enforcing one of its rules, the “Customer Protection Rule,” 17
C.F.R. § 240.15c3-3(e). 75 F.3d at 93. Unlike the strict liability offense charged in this case, where
the reasonableness of Ripple’s conduct is not at issue, Upton was charged with the negligence-based
offense of failing to reasonably supervise a subordinate with a view toward preventing the
subordinate’s violation of the Customer Protection Rule. Id. at 94-95; see also SEC v. Geon Indus., Inc.,
531 F.2d 39, 53-54 (2d Cir. 1976) (failure-to-supervise charges subject to negligence standard).
Whereas the charges against Ripple are among the latest in a 75-case line of SEC actions
involving digital assets, the SEC had only brought a single action for Customer Protection Rule
violations similar to those at issue in Upton. That action resulted in a settled consent order carrying
“little, if any, precedential weight.” Upton, 75 F.3d at 98. It was also “undisputed that [Upton’s
brokerage firm] complied with the literal terms of the Rule at all times.” Id. at 94.
8
Upton’s supposedly negligent supervision occurred before the SEC staff had advised him his
brokerage’s conduct “violated the spirit” of the Customer Protection Rule. 75 F.3d at 95. Upton’s
allegedly negligent conduct also occurred at a time when the New York Stock Exchange had
informed the SEC it would not cite any firms for Customer Protection Rule violations because there
“had been no written interpretation with respect to this practice.” Id. at 97. And Upton’s purported
negligence took place before the NYSE eventually notified its member firms, including Upton’s, that
the SEC could consider the practices at issue to violate the Customer Protection Rule. Id.
Under these narrow circumstances, the Second Circuit held that sanctioning Upton for
violating SEC rules, as opposed to finding him liable, violated his due process rights. Upton, 75 F.3d
at 98. The court held that while the SEC’s “construction of its own regulations is entitled to
‘substantial deference’…we cannot defer to the [SEC’s] interpretation of its rules if doing so would
penalize an individual who has not received fair notice of a regulatory violation.” Id. (citations omitted
and emphasis added). Specifically, the court observed:
Because there was substantial uncertainty in the Commission’s interpretation of Rule 15c3-
3(e), Upton was not on reasonable notice that [his firm’s] conduct might violate the Rule.
The Commission was aware that brokerage firms were evading the substance of Rule 15c3-
3(e) by temporarily substituting customer loans on the Rule’s computation date as early as
1986, two years before the events in this case took place. Apart from issuing one consent
order carrying “little, if any, precedential weight,” In re Shipley, 45 S.E.C. 589, 591 n.6 (1974),
the Commission took no steps to advise the public that it believed the practice was
questionable until August 23, 1989, after Upton had already stopped the practice. The
Commission may not sanction Upton pursuant to a substantial change in its enforcement
policy that was not reasonably communicated to the public.
Id.
The circumstances of Ripple’s violations differ greatly from Upton. First, unlike Upton,
Ripple is charged with a strict liability offense where its state of mind and the reasonableness of its
conduct are not at issue. Thus, the due process implications in Upton – a negligence case involving
“substantial uncertainty” regarding the SEC’s interpretation of its own rules – are not present here.
9
Second, Upton involved the SEC’s interpretation of a rule, violations of which the SEC had
only charged once (and settled) before suing Upton. Here Ripple is charged with violating a statute
that the SEC has utilized for more than 75 years to address sales and offers of a wide range of novel
and previously unregulated investment products ranging from citrus groves, to beavers, to
payphones. As noted by the Third Circuit, a defendant faces a much higher standard to assert a fair
notice defense regarding a statutory, as opposed to a rule, violation. FTC v. Wyndham Worldwide
Corp., 799 F.3d 236, 253-55 (3d Cir. 2015) (“The relevant question is not whether [the defendant] had
fair notice of the [agency’s] interpretation of the statute…[the defendant] is only entitled to notice of
the meaning of the statute and not to the agency’s interpretation of the statute.”) (emphasis added).
Ripple seeks to downplay this holding by observing that Wyndham is an out-of-circuit opinion. But,
notably, Ripple does not cite a single case, from the Second Circuit or elsewhere, applying Upton to
sustain a fair notice defense to a statutory violation.
Third, whereas Upton involved a rule that the SEC had charged only a single time before
suing Upton, the SEC has charged securities laws violations in the digital asset space over 70 times
before suing Ripple. (Ex. 1, Appx. 1). Thus—unlike in Upton—there has not been any “substantial
change in [the SEC’s] enforcement policy.” 75 F.3d at 98. Given the wide-ranging cases the SEC
has brought against other participants in the digital asset industry, Ripple’s claims that it lacked
reasonable notice that it too could face liability ring hollow. See, e.g. Graham v. SEC, 222 F.3d 994,
1007-08 (D.C. Cir. 2000) (rejecting defense that SEC waited too long to investigate and charge
defendants, and observing: “the SEC’s failure to prosecute at an earlier stage does not estop the
agency from proceeding once it finally accumulated sufficient evidence to do so.”).
Courts Have Uniformly Refused to Apply Upton to Negate Securities Laws Violations
Despite premising its fair notice defense entirely on Upton, Ripple is unable to cite a single
decision that applies Upton’s holding to defeat SEC charges in a district court action.
10
On the other hand, courts routinely reject attempts to apply Upton to negate SEC charges.
See, e.g., VanCook v. SEC, 653 F.3d 130, 143 (2d Cir. 2011) (rejecting Upton defense to statutory
violations, holding defendant “had ample notice of the antifraud provisions of the securities laws,”
including receiving warnings from his attorneys that his conduct could implicate the federal
securities laws); Valicenti Advisory Servs. v. SEC, 198 F.3d 62, 66 (2d Cir. 1999) (rejecting Upton
defense, even where “the SEC has not promulgated regulations articulating specific standards for
performance advertising”); McCarthy v. SEC, 406 F.3d 179, 187 (2d Cir. 2005) (rejecting due process
argument, even “when regulatory requirements had not yet been defined with precision.”); D’Alessio
v. SEC, 380 F.3d 112, 123-24 (2d Cir. 2004) (rejecting due process defense despite “some
uncertainty at the Exchange during the relevant period with respect to the extent to which profit-
sharing arrangements violated Section 11(a) or Exchange rules.”); SEC v. Aly, 2018 U.S. Dist.
LEXIS 172467, *5 (S.D.N.Y. Oct. 5, 2018) (rejecting due process defense to statutory violations);
Global Green, Inc. v. SEC, 631 Fed. Appx. 868, 870 (11th Cir. 2015) (rejecting fair notice defense,
noting the “doctrine is applied only in a ‘very limited set of cases.’”) (internal citations omitted).
Moreover, contrary to Ripple’s claims that its Upton defense cannot be resolved on a motion
to strike, various courts have rejected Upton defenses at the pleadings stage. See, e.g., SEC v. Pentagon
Cap. Mgmt, PLC, 612 F. Supp. 2d 241, 266-67 (S.D.N.Y. 2009) (rejecting Upton defense, on the
pleadings, to violations of “provisions of the securities laws that have been in existence for over half
a century.”); SEC v. Druffner, 353 F. Supp. 2d 141, 151 (D. Mass. 2005) (same result, finding that
Upton is “clearly distinguishable”); SEC v. River N. Equity LLC, 415 F. Supp. 3d 853, 859 (N.D. Ill.
2019) (same result, observing: “while the Court agrees that formal SEC guidance on these matters
would be helpful, it cannot conclude that the SEC’s claims fail as a matter of law for lack of it.”).
Consistent with this precedent, Judge Hellerstein recently rejected an Upton defense in
another Section 5 case where, like Ripple, the defendant claimed the SEC’s application of Howey to a
11
“cryptocurrency” violated defendant’s due process rights. SEC v. Kik Interactive, Inc., 492 F. Supp. 3d
169, 183 (S.D.N.Y. 2020). In asserting the defense, the Kik defendant advanced an argument
identical to Ripple’s: that the application of Howey and Section 5 to a digital asset “fails to provide
people of ordinary intelligence a reasonable opportunity to understand what conduct [Section 5]
prohibits.” Id. at 182. As evidence in support of this argument, the Kik defendant relied on the same
allegations underpinning Ripple’s affirmative defense. Namely, the Upton defense in Kik was based
on: “the SEC’s failure to issue guidance on securities enforcement related specifically to
cryptocurrencies, SEC officials’ inconsistent public statements on the issue, and the SEC’s failure to
bring enforcement actions against other issuers of digital tokens.” Id. at 183.
Despite the undisputed evidence the Kik defendant proffered to show lack of fair notice that
its digital asset was a security, Judge Hellerstein wisely rejected the Upton defense, as a matter of law.
492 F. Supp. 3d at 183. First, the court noted: “the law regarding the definition of investment
contract gives a reasonable opportunity to understand what conduct and devices it covers. Howey
provides a clearly expressed test for determining what constitutes an investment contract, and an
extensive body of case law provides guidance on how to apply that test to a variety of factual
scenarios.” Id. (citations omitted). The court next distinguished Upton from the digital asset at issue:
In Upton, the SEC had been inconsistent in its enforcement of a rule as applied to the same
practice occurring consistently across the industry for years. Id. By contrast, as Kik
acknowledges, every cryptocurrency, along with the issuance thereof, is different and
requires a fact-specific analysis. Furthermore, the vagueness inquiry does not call for a
factual investigation into whether a statute has led to arbitrary enforcement; it asks,
objectively, whether the statute “authorizes or even encourages arbitrary and discriminatory
enforcement.” The statute at issue here [Section 5] does not.
492 F. Supp. 3d at 183 (citations omitted).4
4
In an attempt to distinguish the long line of decisions rejecting vagueness challenges to the statutory term
“investment contract” cited in the SEC’s motion to strike (Dkt. 131, at 23-24), Ripple argues that its Upton
defense is not a vagueness challenge. (Dkt. 172, at 15). Given that both Upton and traditional vagueness
challenges look to the understanding of “people of ordinary intelligence,” Judge Hellerstein correctly
determined that Upton was premised on an “as-applied vagueness challenge[].” Kik, 492 F. Supp. 3d at 183.
12
Kik involved the same statutory violation as in this case (Section 5). Kik featured the same
type of investment product (a cryptocurrency/digital token). Kik applied the same Upton–based
affirmative defense (allegedly unfair application of Howey to a digital asset). And Kik involved the
same alleged SEC conduct to support the Upton defense: lack of guidance, inconsistent public
statements by SEC officials, and lack of enforcement actions against other issuers of digital assets.
492 F. Supp. 3d at 182-83. Even accepting Ripple’s allegations as true, the facts and legal issues in
this case and Kik are materially indistinguishable. Thus, the Court should follow Kik’s well-reasoned
holding and reject Ripple’s Upton defense, as a matter of law.5
Sustaining Ripple’s Upton Defense Would Prejudice the SEC
When an affirmative defense fails as a matter of law, “allowing the defense to remain would
prejudice the SEC by needlessly lengthening and complicating the discovery process and trial.”
McCaskey, 56 F. Supp. 2d at 326-27. Thus, where an affirmative defense fails, discovery into “the
internal workings of the SEC investigations” prejudices the SEC. SEC v. KPMG, 2003 U.S. Dist.
LEXIS 14301, *10; see also SEC v. Am. Growth Funding II, LLC, 2016 U.S. Dist. LEXIS 180745, *189-
20 (S.D.N.Y. Dec. 30, 2016) (finding the SEC would be prejudiced by discovery in furtherance of an
“unclean hands” defense, “to explore how the SEC’s investigation was conducted.”) (Report &
Recommendation), adopted in full, 2017 WL 728701 (S.D.N.Y. Feb. 22, 2017).
As in these decisions, sustaining Ripple’s “fair notice” defense would prejudice the SEC.
First, the SEC is devoting substantial resources responding to Ripple’s discovery into the SEC’s
internal deliberations and the investigation that preceded this lawsuit. (See Dkt. 79, 79-5). Again,
5
Kik’s rejection of the Upton defense occurred at the summary judgment stage. But Judge Hellerstein had
earlier prohibited efforts to obtain discovery into the SEC’s internal deliberations, noting that if the
defendants wanted to assert an Upton defense, they could make that argument objectively. Kik, No. 19 Civ.
5244 (AKH) (S.D.N.Y. Nov. 12, 2019) (Dkt. 36) (“Proper discovery should be focused on what defendant
did, and not why the agency decided to bring the case”).
13
since Ripple’s affirmative defense fails as a matter of law, there is no need to put the SEC and its
staff on trial to determine whether Ripple violated Section 5’s strict liability provisions.
In addition to requiring the SEC to respond to irrelevant and needless discovery into its
internal deliberations, allowing Ripple to pursue its affirmative defense prejudices the SEC by
necessitating discovery into a variety of third-party market participants. Specifically, Ripple’s
affirmative defense puts at issue the state of mind of “countless market participants” who, according
to Ripple, “for years transacted in XRP believing it was not an investment contract.” (Dkt. 51, at 97)
(emphasis added). Per Ripple’s allegations, the subjective beliefs of numerous exchanges, market
makers, investors, and customers are all relevant to proving its affirmative defense. (Id. at 97-98).
Similarly, furthering its affirmative defense is the only valid reason why Ripple would
support the intervention motion filed by certain Ripple investors. (Dkt. 152 at 5 (according to
Ripple, the proposed intervenors “offer a perspective that neither the SEC nor any other party can
provide.”) (emphasis added)). Allowing Ripple’s affirmative defense, at this stage of the litigation,
would necessarily require far-flung discovery into the large number of market participants Ripple
identifies in support of its defense. Again, because Ripple’s defense fails as a matter of law, such
discovery is overly burdensome, disproportionate, and would prejudice the SEC and third-parties.
Ripple counters that the SEC will not be prejudiced by wide-ranging discovery into the
conduct of the SEC and various third-parties, arguing that such discovery will be necessary to
defend the aiding and abetting charges against the Individual Defendants, which contain a scienter
element. (Dkt. 172, at 34). But the Individual Defendants have moved to dismiss the aiding and
abetting charges, such that Ripple’s argument is premature. In any event, Ripple ignores that courts
routinely strike similar affirmative defenses, at the pleadings stage, in fraud cases where defendants’
intent is an element of the charged offense. See SEC v. KMPG, SEC v. Am. Growth, SEC v. Rosenfeld,
SEC v. Laura, and SEC v. McCaskey decisions, discussed supra at 7-8.
14
Finally, allowing Ripple’s affirmative defense would encourage the defense any time the SEC
brings a case involving nontraditional investment products or other “investment contracts” under
Howey. By ruling for Ripple, any future defendant could entitle itself to extraneous discovery into
the SEC’s internal deliberations and the beliefs of third parties. To do so, any defendant could
simply allege that it, investors, and other market participants lacked fair notice that the SEC would
consider its investment product to be a security.
Such an approach would undermine the “flexible rather than a static principle” underlying
Howey. 328 U.S. at 299. And, permitting a violator to unilaterally decide to focus the inquiry on the
conduct of the SEC and the subjective beliefs of varied third parties would defeat the animating
purpose of the Securities Act: to reverse the common commercial understanding of caveat emptor
and impose the duty of caveat vendor on issuers when they solicit public investment. See In re Initial
Public Offering Secs. Litig., 241 F. Supp. 2d 281, 299 (S.D.N.Y. 2003) (citing SEC v. Capital Gains Research
Bureau, 375 U.S. 180 (1963); SEC v. Zandford, 535 U.S. 813 (2002). The broad proscription of
Section 5 requires issuers who offer and sell securities to the public to provide full and fair
disclosure to allow investors to make informed decisions before they invest. That regime would be
hollow indeed if it can be defeated any time a defendant chooses to invoke a “fair notice” defense.
Accordingly, the Court should decline the opportunity to provide future defendants a
roadmap for flipping the onus of SEC enforcement actions that would fundamentally alter the
nature of Section 5 litigation.
CONCLUSION
For the foregoing reasons, and those stated in the SEC’s opening memorandum of law, the
Court should grant the SEC’s motion to strike Ripple’s “fair notice” affirmative defense.
15
Dated: May 27, 2021
/s/ Benjamin J. Hanauer _

Jorge G. Tenreiro
Mark R. Sylvester
Robert M. Moye
Benjamin J. Hanauer
Daphna A. Waxman
Jon A. Daniels
Ladan F. Stewart
Attorneys for Plaintiff

SECURITIES AND EXCHANGE
COMMISSION
New York Regional Office
200 Vesey Street, Suite 400
New York, New York 10281
(312) 353-8642 (Hanauer)
hanauerb@sec.gov
16
Case 1:20-cv-10832-AT-SN Document 205-1 Filed 05/27/21 Page 1 of 31
EXHIBIT 1
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SEC Reply Memorandum of Law in Support of Its Motion To Strike

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SEC Reply Memorandum of Law in Support of Its Motion To Strike

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Case 1:20-cv-10832-AT-SN Document 205 Filed 05/27/21 Page 1 of 21

UNITED STATES DISTRICT COURT

PLAINTIFF SECURITIES AND EXCHANGE COMMISSION’S

Attorneys for Plaintiff

May 27, 2021

TABLE OF AUTHORITIES ........................................................................................................................ iii

PRELIMINARY STATEMENT .................................................................................................................... 1

UNDISPUTED FACTS RELEVANT TO RIPPLE’S AFFIRMATIVE DEFENSE .......................... 4

COURTS ROUTINELY STRIKE AFFIRMATIVE DEFENSES IN SEC ACTIONS ..................... 7

UPTON DOES NOT SUPPORT RIPPLE’S AFFIRMATIVE DEFENSE .......................................... 8

COURTS HAVE UNIFORMLY REFUSED TO APPLY UPTON TO NEGATE

SUSTAINING RIPPLE’S UPTON DEFENSE WOULD PREJUDICE THE SEC .........................13

Albanese v. Florida Nat’l Bank,

SEC v. Am. Trailer Rentals Co.,

SEC v. Capital Gains Research Bureau

SEC v. Laura, No. 18-cv-5075

SEC v. Universal Express, Inc.,

17 C.F.R. § 240.15c3-3(e) ........................................................................................................................... 8, 9

Fed. R. Civ. P. 12(f) ......................................................................................................................................... 1

Section 5 of the Securities Act of 1933, 15 U.S.C. § 77e .................................................................. passim

should grant the SEC’s motion and strike the defense.

the case in Upton.

Inc., 492 F. Supp. 3d 169, 182-83 (S.D.N.Y. 2020).

and strike Ripple’s fourth affirmative defense.1

subjective knowledge or beliefs.”)).

Undisputed Facts Relevant to Ripple’s Affirmative Defense

digital asset cases the SEC brought before suing Ripple.

Enforcement%E2%80%94Q3-2013%E2%80%93Q4-2020.pdf). Before suing Ripple (the 74th of

promise of profits.” 328 U.S. at 299.

years before suing Ripple)).

Courts Routinely Strike Affirmative Defenses in SEC Actions

recognizable affirmative defense.

Upton Does Not Support Ripple’s Affirmative Defense

and emphasis added). Specifically, the court observed:

sustain a fair notice defense to a statutory violation.

agency from proceeding once it finally accumulated sufficient evidence to do so.”).

people of ordinary intelligence a reasonable opportunity to understand what conduct [Section 5]

492 F. Supp. 3d at 183 (citations omitted).4

holding and reject Ripple’s Upton defense, as a matter of law.5

Sustaining Ripple’s Upton Defense Would Prejudice the SEC

Recommendation), adopted in full, 2017 WL 728701 (S.D.N.Y. Feb. 22, 2017).

necessitating discovery into a variety of third-party market participants. Specifically, Ripple’s

SEC v. Laura, and SEC v. McCaskey decisions, discussed supra at 7-8.

consider its investment product to be a security.

nature of Section 5 litigation.

Dated: May 27, 2021

/s/ Benjamin J. Hanauer _

Attorneys for Plaintiff

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