Ripple (XRP): SEC incorrectly interprets the arguments of the payment company
As part of an ongoing lawsuit, Ripple has responded to recent SEC motions by submitting a new information note to the court. It claims that the Securities and Exchange Commission (SEC) has misquoted key points in Ripple's defense position.
In December, the SEC filed a lawsuit against Ripple, claiming that the XRP token sale represented an unregistered offering of securities.
As the lawsuit progressed, Ripple tried to defend itself, arguing that there was no due process of law and no notice on the status of the XRP token from the SEC. The company also requested documents filed by the Commission as evidence for the trial.
In April, the SEC filed a motion to reject the proposal, arguing that Ripple's defense position and claims tax the Commission on inappropriate obligations.
Now, in a new briefing note, Ripple accuses the Commission of omitting "key negotiation snippets" in its petition to dismiss the company's claims.
First, the Securities and Exchange Commission believes that Ripple stated the following: the request for information "was significant ... in building a defensive position based on the claim that the SEC inappropriately notified the company of XRP status." ...
However, in fact, the essence of Ripple's claim is that the request is valid regardless of whether the defendant's reasoning was successful or not.
A Ripple spokesman reiterated his statement in today's information note, which reads:
Filing is both related to building advance notice protections and ... applies regardless of whether the individual defendants realized that XRP would be considered a security or were recklessly unlawful.