Home » In the SEC case, Ripple maintains its “lack of clarity” defence

In the SEC case, Ripple maintains its “lack of clarity” defence

Ripple maintains its “lack of clarity” defence

The Securities and Exchange Commission (SEC), according to the XRP company, has not made its securities rules clear.

Ripple’s legal team has filed a fresh argument in its continuing legal battle with the Securities and Exchange Commission of the United States.

Ripple maintains its “lack of clarity” defence

The Case’s Background

The Securities and Exchange Commission of the United States first asserted that Ripple’s XRP token sales were an unregistered security offering. Additionally, it alleged that the transactions included Ripple CEOs Brad Garlinghouse and Chris Larsen.

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    Ripple’s legal team replied earlier this month, claiming that two specific Commissioners voiced worries about securities regulations in other companies’ instances.

    According to the SEC, these statements were “irrelevant” to the SEC’s allegation that Ripple marketed unregistered securities.

    “It is not necessary to establish that the individual defendants were aware of or purposefully ignored the legal ramifications of their actions,” the regulator says.

    Increases the Ripple Effect by a Factor of Two

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      Ripple’s reaction has been to restate its case. Ripple’s legal team said in a letter dated July 23 that there is a “clear lack of clarity” about the securities classification.

      According to the letter, “the SEC has made no claim that selling XRP is illegal, other than its allegation that such transactions need registration as a security with the SEC.” According to the document, the SEC must also establish that the individual defendants “were aware of or purposefully ignored” XRP’s alleged security classification.

      According to Ripple’s legal team, previous high-profile SEC investigations, most notably those into Kik and Telegram, do not establish charges of aiding and abetting since those cases did not include allegations against specific defendants.

      What is the case’s next step?

      According to Ripple attorney James Filan, the issue is far from resolved. “I don’t believe anybody should anticipate a resolution anytime soon,” he added. “The [SEC] is not going away, and Ripple, from what I’ve read, is not either.”

      Ripple was successful in convincing former SEC member William Hinman to testify, according to Filan. Additionally, he believed the firm was conducting interviews with other SEC workers utilising deposition material.

      According to some, the matter will be resolved in early 2022.

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