Ripple Inc. Tells Court SEC Did Not Warn Market Actors about XRP’s Security Status

2021-2-23 20:05

In the Ripple-SEC pretrial held on Monday, Matthew Solomon of Cleary Gottlieb advocates, defending CEO of Ripple, Brad Garlinghouse, against a lawsuit with the U.S Securities Exchange Commission (SEC), stated the plaintiff did not warn any major market actors, including exchanges that XRP constituted a security in talks held in 2019 and previous talks.

Having confirmed both parties are not planning for any settlements soon, the SEC vs. Ripple case swiftly moved to pretrial where the defendants’ lawyers made some discoveries to the court. According to Solomon, the SEC, despite dealing with ‘ultra-sophisticated market actors including exchanges’ as late as 2019, did not tell them that XRP is a security.

This provides a strong foundation for the defendants, Brad and former CEO Chris Larsen, who has been accused of selling close to $600 million worth of XRP. SEC’s charge on the case is diminishing by the day, and they won’t be able to prove XRP is a security, Solomon further said,

“And, again, as this case moves forward, these facts will come to light, and it will be clear that SEC cannot establish and will not establish that XRP is a security.”

Brad’s and Larsen’s legal team also moved a motion to dismiss the case claiming their clients had no idea that XRP was a security or investment contract. In a joint letter with the SEC last week, Solomon and Paul Weiss’s Martin Flumenbaum, representing Larsen, confirmed they had filed a motion to dismiss the case against their clients.

XRP/USD XRPUSD 0.4641 -$0.11 -23.10% Volume 14.66 b Change -$0.11 Open$0.4641 Circulating 45.4 b Market Cap 21.07 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=XRP&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~XRP~USD"); The post Ripple Inc. Tells Court SEC Did Not Warn Market Actors about XRP’s Security Status first appeared on BitcoinExchangeGuide.

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XRP is not a security, claims Ripple’s Brad Garlinghouse

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2019-10-30 09:30


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2019-2-26 16:20


Фото:

Ripple Upgrades XRP Ledger Version to 1.2.0 With New Features and Improved Security

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2019-1-11 08:21


The Ripple Effect Debate Around XRP Being Considered a Security or Not Continues with the SEC

Ripple is a very popular and recognized company in the cryptocurrency industry. It has been in the market for several years and it has expanded all over the world. The XRP virtual currency has also reached the second position in the market surpassing Ethereum (ETH) and showed to be very resilient compared to others. However, […]

2018-12-18 07:15


Crypto winter is here: Believers snatching cheap BTC, XRP shivers at the mention of the word security, ETH is pestered by TRX and BCH and LTC are still bewildered to be alive

It gets dark earlier and it slowly gets colder. Crypto winter is here! What are the current prices of crypto currencies? The Bitcoin price is still declining Bitcoin: The dive continues. At the time of writing, the value of Bitcoin fluctuates around the $3400 mark.

2018-12-8 23:33


“Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak

“Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak Larry Cermak, economy/law analyst and author at theblockcrypto. com, launched an interesting Twitter thread today regarding Ripple, XRP, and the currency’s status as a security.

2018-12-7 02:15


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