Ripple Filed Initial Response to U.S. Securities and Exchange Commission (SEC) in Federal Court for Securities Law Violation.
Lawyer Discusses Ripple Response to SEC Lawsuit re XRP, Strongest Points, and the Surprise Defense!
The 93-page document says the SEC lawsuit is based on an ill-conceived legal theory that ignores XRP’s performance of a number of functions that are not inherent in the legal definition of securities. Therefore, Ripple believes that the Commission does not have the authority to independently regulate this digital asset..
Along with the response, the company also filed with the SEC a request for information in several areas, including an explanation of why Ether (ETH) is not a security..
After filing a response on Friday, Ripple said that despite the slow progress in the lawsuit, it is trying to clarify the matter as quickly as possible. The company is concerned that following the accusations by the regulator, investors and retail owners of XRP suffer huge losses due to the fall in the asset rate by almost 50%.
text: Ivan Malichenko, photo: craftmediabucket