Friday night, both sides in the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) submitted their more than 60-page reply brief for summary judgement.
Ripple continues to criticize the SEC for its vague and conflicting remarks, despite the fact that a ruling from Judge Analisa Torres is still pending.
In his second declaration, Alderoty cites the SEC’s reply brief. In it, the agency contends that the blockchain business cannot claim Hinman’s remark was unclear.
Unlike Bitcoin and Ethereum, XRP does not fit the criterion of decentralization as per SEC.
Ripple is a key player that might give information on XRP; Ripple extends activities regarding XRP; Ripple has the resources to do so, and Ripple receives substantial amounts of XRP for free. Nobody could make such claims regarding Bitcoin or Ether.
In addition, the agency says that Ripple neglects the fact that Hinman did not mention just one aspect in his statement, but rather “thirteen explicitly non-exhaustive considerations.”
According to the SEC, “nearly all” of these variables define Ripple and XRP’s connection.
“Defendants cannot reject agency advice that is detrimental to their case and claim misunderstanding by selecting concentrating on a single item from a lengthy list of non-dispositive circumstances,” the SEC says.
According to Alderoty, this argument reflects the SEC’s dubious logic, which repeatedly alters its arguments once Ripple has successfully rejected a legal issue.
Consequently, the SEC claims in its motion for summary judgement that all XRP sales are investment contracts. This is also consistent with their assertion that the blockchain startup has continually offered XRP for eight years.
If the SEC is allowed to proceed with these deceptive assumptions and claims, not just Ripple, but the whole cryptocurrency sector would be severely impacted.porate organization.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.