Express

Ripple's Newest Response: "SEC Has No Authority To Regulate XRP As A Security"

Mary Liu

Summary: Ripple submitted the initial response of the Securities and Exchange Commission (SEC) lawsuit over XRP sales in the Federal Court today. The response stated that the SEC's lawsuit was based on "unprecedented and ill-conceived legal theory", emphasized that XRP played many roles different from security. "For example, XRP functions as a medium of exchange — ...

Ripple submitted the initial response of the Securities and Exchange Commission (SEC) lawsuit over XRP sales in the Federal Court today.

The response stated that the SEC's lawsuit was based on "unprecedented and ill-conceived legal theory", emphasized that XRP played many roles different from security.

"For example, XRP functions as a medium of exchange — a virtual currency used today in international and domestic transactions — moving value between jurisdictions and facilitating transactions. It is not a security and the SEC has no authority to regulate it as one," Ripple wrote in the response.

By Mary Liu

Last Update:

Tags: ,,,,
Link: Ripple's Newest Response: "SEC Has No Authority To Regulate XRP As A Security"   [Copy]
  • Onchain Fatigue: The Harsh Reality Driving Users Away from Web3 2 days ago
  • Are Airdrops Overfarmed? State of the Market 3 days ago
  • Autonomous Worlds: The Ultimate Goal of Blockchain? 4 days ago
  • Have Cosmos and Polkadot Been Replaced? The Future of ATOM and DOT 7 days ago
  • Polygon AggLayer: Uniting Modular and Monolithic Blockchain Architectures 8 days ago
  • You need to login to comment.