Ripple Announces First Official Legal Document in Response to SEC Litigation… XRP, out of jurisdiction
On the 29th (local time), Ripple released its first official response to the lawsuit filed by the US Securities and Exchange Commission (SEC) through its official channel. “This is the first official legal document for a SEC lawsuit,” Ripple said. “The SEC’s lawsuit has cost XRP holders billions of dollars. The SEC’s mission is to maintain an orderly market, but their excesses have caused confusion in the market.” The specific contents of the legal document are as follows.
1) XRP is a virtual currency. Therefore, it is not included in the scope of the SEC’s jurisdiction.
2) Ripple has not entered into any investment contract with XRP holders.
3) Ripple has neither promoted an ICO nor provided future tokens to attract funds. Also, it has nothing to do with the majority of XRP holders.
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4) Holding XRP does not mean that you receive Ripple revenue or a portion of the profit.
5) Over the past 8 years, the XRP market has grown significantly. Ripple’s XRP sales volume is less than 1% of the XRP market.
6) XRP Ledger is completely decentralized. The SEC ignores the economic realities of XRP transactions.
7) Ripple only owns XRP. It does not create investment contracts such as the conversion of diamonds held by British brand DeBeers into securities.
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