Ripple submits official response to SEC lawsuit… XRP is’soaring’
Ripple released its first official response to the US Securities and Exchange Commission (SEC) lawsuit through its official channel on the 30th.
Ripple’s first official legal document was 93 pages long, stating the refutation of each prosecution. It emphasizes the actual function XRP provides as a cryptocurrency, and argues that XRP is not a securities, i.e. an investment contract.
In that document, Ripple pointed out that the SEC overlooked the cryptocurrency properties of XRP, such as open source, decentralized operation, and price correlation with Bitcoin and Ethereum.
In addition, △ Ripple has never committed to issuing tokens to promote cryptocurrency disclosure (ICO) or to attract funds. Most of them expressed that they were not related to Ripple.
He stressed that Ripple owns and sells XRP, but Ripple’s sales volume is less than 1% of the market, and that it has never created an investment contract by securitizing its owned XRP.
“The function and liquidity of XRP are incompatible with the regulation of securities,” Ripple explained. “Securities registration damages the main utility of XRP.”
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Ripple then said that the SEC has never clearly announced that the sale of XRP could be illegal. On the other hand, in 2015, the Ministry of Justice and the Financial Crimes Enforcement Network registered XRP as a’cryptocurrency convertible to cash’, and added that it allowed sales and distribution markets.
In addition, it requested that the SEC disclose how it determined that Bitcoin and Ethereum were not securities under the Information Disclosure Act (FOIA).
Ripple noted that “SEC did not disclose a clear criterion for determining that Bitcoin and Ethereum were not securities,” he said. “This hinders the opportunity for responsible companies to innovate to provide faster, cheaper and transparent global payments. .
Related Article: Ripple Legal Adviser “The US SEC acknowledges the potential of’XRP’ as a global remittance method”
“The SEC’s lawsuit has inflicted billions of dollars in damage to XRP holders.”
Meanwhile, XRP has risen close to 10% over the past day. This is because the movement of conflict between individual investors and short selling forces has shifted to the cryptocurrency community. Earlier, Dogecoin and Bitcoin also showed a short-term surge.
The buy movement that caused this XRP rise was centered on the Telegram-based group Buy and Hold XRP (t.me/pumpxrp). At one time, it rose 56% to $0.50944, the highest level since prosecution. The increase was the largest since December 21, 2017.
After the lawsuit, Ripple plunged from $0.55 to $0.20. This price increase offset a significant portion of the decline. According to Token Post Market, XRP is trading close to $0.45 as of 10:47 on the 1st.
Related Articles: Twitter User “Large XRP Buying Inflow Tonight”
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