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XRP Lawsuit: Ripple CLO Says SEC’s ‘Rehashed’ Appeal Will be Abandoned Under Atkins
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has responded to the recent filing by the United States Securities and Exchange Commission (SEC). The regulatory body submitted an opening brief in its appeal to the US Court of Appeals for the 2nd Circuit. The SEC seeks to overturn a previous court ruling that declared XRP was not a security when sold to retail investors.
According to Alderoty, the SEC’s new arguments are nothing but a rehashing of previously failed attempts to classify all XRP sales as unregistered securities offerings. In his statement, he emphasized that these attempts will ultimately be abandoned by the next administration.
Alderoty tweeted, “As expected, the SEC’s appeal brief is a rehash of already failed arguments – and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”
The statement by Alderoty suggests that Ripple is not planning on backing down from its stance despite the SEC’s renewed efforts. The company has consistently maintained that XRP is a cryptocurrency and not a security.
Meanwhile, the news has had no significant impact on the market, as XRP’s price surged to over $3, indicating renewed investor interest in the token.
Source: coinpedia.org
