Ripple sent an initial response to the federal court to the Securities and US Exchange Commission (SEC) on charges of violation of the securities law.
In the 93-page document, it is said that the SEC claim is based on an ill-conceived legal theory, which ignores the implementation of the XRP of a number of functions that are not characteristic of the definition of securities established at the legislative level. Therefore, Ripple believes that the Commission does not have the authority to independently regulate this digital asset.
Together with the answer, the company also filed a request to receive information in several directions, including an explanation of why Ether (ETN) is not a valuable paper.
After filing a response to Friday, Ripple stated that, despite the slow promotion of the trial, she tries to clarify this issue as quickly as possible. The company is concerned that after accusing the regulator, investors and retail owners of the XRP carry huge losses due to the fall in an asset rate by almost 50%.
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