In the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC), the SEC has made a significant move by delivering its latest response in the case against XRP. This development is a crucial milestone after years of litigation.
In its recent statement, the SEC strongly refutes Ripple’s defense, which claims that there is no “generalized uncertainty” about the legal status of XRP, despite unfavorable court decisions. The commission argues that even though Ripple has complied with regulations in the past, there is no guarantee that future violations will be avoided.
According to documents presented, Ripple has tried to minimize its responsibility by highlighting its cooperation with the SEC since the initial issuance of XRP in 2013. However, the SEC maintains that there is still a possibility of future infringements and asserts that the behavioral changes proclaimed by Ripple are not enough to prevent legal actions.
In response to the SEC’s criticism of Ripple’s statements about changes to XRP sales, particularly regarding contractual changes and sales to investors outside the United States and accredited investors, Ripple’s legal director, Stuart Alderoty, expresses the company’s position. He emphasizes the decline in the SEC’s reputation and compares its regulatory actions to the issuance of fishing licenses, criticizing the inconsistency in the application of laws by the SEC. Alderoty cautiously expresses optimism about the future of the XRP case and reinforces the crypto community’s expectation for the outcome in September.
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