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Ripple's Newest Response: "SEC Has No Authority To Regulate XRP As A Security"
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
Tags: Lawsuit,Ripple,SEC,Security,XRP
Link: Ripple's Newest Response: "SEC Has No Authority To Regulate XRP As A Security" [Copy]
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