Stuart Alderoty expressed that they have filed their preliminary legal response to the SEC’s complaint. With it, he stated that they are starting to set the record straight and correct many misconceptions and contradictions within their allegations.
No other country has classified XRP as a security. The SEC is at odds with its counterparts in the US & peers in other G20 markets. Ripple never held an ICO, nor did we ever sell or offer XRP as an investment. For 8 yrs, XRP has traded in an open market independent of Ripple.
Further stated, we also filed a Freedom of Information Act request asking how the SEC determined ETH evolved from a security to not a security. No explanation or guidance was given why. We’re simply asking for the rules to be 1. stated clearly 2. applied consistently.
Also stated, we’re not defending this case just for ourselves, we’re fighting for everyone who has been hurt by the SEC’s filing, to restore order to the markets and most importantly, for industry clarity. We will push to get this case resolved as quickly as possible.
For those who are curious they have published the entire legal filing and that should be suffice for the curious minds out there. The community are hoping to see it resolved as quickly as possible. Some of them are wondering what might as quickly mean as to whether it will be 1 to 2 months or years.
The community pointed to how by bringing a case which alleges an unregistered offering of just over $1.3 billion “from at least 2013,” the SEC has already caused more than an estimated $15 billion in damage to those it purports to protect.
Some community member have a different view, they stated, everyone that’s asking for it to go faster this will not speed up the process it’s just going to be on your mind. XRP is not going nowhere it’s part of the plan just know that in your heart don’t worry about the value of XRP right now think about the deal right now enough XRP?
Some feel that the legal issue might drag for months, years and even decades.
The stakes are already too high. General Counsel at Ripple have pointed to how it is important to develop clear rules that encourage (not punish) entrepreneurs and developers to advance this generational changing technology.
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