Ripple’s general counsel, Stu Alderoty, says there is a single legal issue at the center of the indictment the SEC has brought against the San Francisco payment company.
Earlier this week, the SEC officially filed a lawsuit alleging that XRP was an unregistered security when it was launched and remains a security to this day.
Alderoty asks why the SEC complaint, which dates back to 2013, hasn’t been filed for seven years.
He also says the SEC didn’t provide the full story.
“There are no“ fraud ”or“ misrepresentation ”claims. There is a legal question: Were certain Ripple XRP distributions an investment agreement? We look forward to taking this to court and giving the industry clarity to give what she deserves.
As always, the SEC picked and cut off the facts, quotes, etc. Example: No mention that Ripple’s XRP sales were only 0.095% to 0.43% of global XRP volume in 2018 and 0.22% in Q1 2019. of the total trading volume. “
According to Ripple’s attorney, the SEC complaint also cuts against other classifications made by the U.S. government.
“In 2015, the US government concluded that XRP is a virtual currency. The last time I checked was that the SEC was still part of the US government. Here’s the plus: the industry will finally get the clarity it deserves. Goodbye “Howey Test”, hello “Ripple Test”. “
Both Alderoty and Ripple CEO Brad Garlinghouse say the world will soon know the company’s side.
A very important reminder!
So far, the world has heard the SEC’s reality. The legal process will unfold from here and the world will soon have a much more robust and complete picture of the facts. https://t.co/dcXQkNHZnK
– Brad Garlinghouse (@bgarlinghouse) December 24, 2020
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Featured image: Shutterstock / Tithi Luadthong