Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Submit Press Release
  • Disclaimer
  • Ripple (XRP)

Ripple Responds to SEC’s Lawsuit over the Sale of XRP

Solomon Odunayo January 29, 2021 3 min read
RippleX VP Explains Ripple’s Role in Creating Central Bank Digital Currencies (CBDCs)

Ripple, the San Francisco based cross-border payment firm, has announced that it has filed its initial response to the lawsuit filed by the United States Securities and Exchange Commission (SEC) over the sale of XRP.


trade now

In late December 2020, the U.S. SEC filed a lawsuit against Ripple, claiming in its complaint that the payment firm “raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide.”

The significant allegation resulted in the delisting or suspension of XRP trading by cryptocurrency exchanges and crypto-related firms across the industry.

Read Also: Lawyers Explain Reasons Why Ripple Should Settle Rather Than Head to Head with SEC in Court

Ripple Files a Response at the Federal Court

The response, filed on Friday 29th January 2021, states that the lawsuit filed by SEC is based on an unprecedented and ill-conceived legal theory.

The firm wrote in the introduction of its 93-page response as follows:

“That theory ignores, among many other things, that XRP performs a number of functions that are distinct from the functions of “securities” as the law has understood that term for decades. For example, XRP functions as a medium of exchange — a virtual currency used today in international and domestic transactions — moving value between jurisdictions and facilitating transactions. It is not a security and the SEC has no authority to regulate it as one.”

Likewise, Ripple has submitted a Freedom of Information Act request with the SEC, seeking a lot of information, such as any determination that Ethereum (ETH), the second-largest digital currency by market cap, is not a security.

Ripple Says It’s Working to Get the Lawsuit Resolved as Quickly as Possible

In a statement on Friday, Ripple stated that it’s working to get the issue resolved as quickly as possible to bring clarity to the broader market.

Read Also: Ripple’s Lawyer Points out A Single Legal Question at the Center of SEC’s Lawsuit

The statement, written by Ripple’s general counsel, Stu Alderoty, reads as follows:

“Moving quickly is important because, as you know, since the SEC filed its complaint, XRP lost almost half of its market value, causing retail holders of XRP with no connection to Ripple– the very people the SEC purports to protect – to suffer billions of dollars in losses. What’s more, part of the SEC’s mission is to maintain orderly markets… and yet their overreach created havoc in the market.”

The full court response can be found below:

Ripple Answer Filed by MichaelPatrickMcSweeney on Scribd.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Trade Now

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Continue Reading

Previous: XRP Spikes Over 14% in an Hour, Analysts Blame Dogecoin (DOGE) Pump
Next: Three Major Reasons Why XRP Breaks Above $0.3 Earlier Today

Related Stories

These Plans by Ripple Have XRP surging Over 10% – June 25 Analysis
2 min read
  • Altcoins
  • Cryptocurrency
  • News
  • Price Analysis
  • Ripple (XRP)

These Plans by Ripple Have XRP surging Over 10% – June 25 Analysis

June 25, 2022
Ripple Labs Announces An Investment Fund Worth $100 Million
2 min read
  • Cryptocurrency
  • News
  • Ripple (XRP)

Ripple Labs Announces An Investment Fund Worth $100 Million

June 24, 2022
5 June Crypto Prices – BTC Still Below $30K, ETH, DOGE Witness Losses
2 min read
  • Bitcoin (BTC)
  • Cardano (ADA)
  • Cryptocurrency
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • News
  • Price Analysis
  • Ripple (XRP)
  • Solana (SOL)

5 June Crypto Prices – BTC Still Below $30K, ETH, DOGE Witness Losses

June 5, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$19,287.94
-0.22%
ethereum
Ethereum (ETH)
$1,056.50
0.38%
tether
Tether (USDT)
$1.00
0.27%
usd-coin
USD Coin (USDC)
$1.00
0.22%
binancecoin
BNB (BNB)
$216.64
-0.16%
Binance USD
Binance USD (BUSD)
$1.00
-0.07%
cardano
Cardano (ADA)
$0.451866
0.92%
ripple
XRP (XRP)
$0.314387
-0.12%
dogecoin
Dogecoin (DOGE)
$0.067327
2.99%
polkadot
Polkadot (DOT)
$6.82
1.52%

Recent Posts

  • LYOTRADE Launches Crypto Loans – Get USDT and Win Against Volatility
  • A Complete Guide To Cryptocurrency Security
  • 21Shares And Ark Investment Have Refiled For Spot BTC ETF
  • Discussing the Danger And Value Of Following Other Crypto Traders
  • Best Ways to Generate Crypto Passive Income
  • A Beginner’s Guide To Web3 Gaming
  • What Risk Management Rules Should Crypto Traders Follow?
  • Pharma Bro Martin Shkreli Is Optimistic About Decentralized Finance
  • Central African Republic Intends To Set Up A Hub To Attract Crypto Enthusiasts
  • BTC Fear & Greed Index Suggests Return to Sub-$20K
  • Public Vs Private Blockchains: How Do They Differ?
  • Stacks (STX): Reversal Inside Wedge Setup Targets $0.3 Support
  • Top Blockchain and Bitcoin Books to Read in 2022
  • What Investors Should Know about TRX as Tron Marks 4th Anniversary
  • Here’s Why Whales Are Scooping AAVE

Categories

You may have missed

LYOTRADE Launches Crypto Loans – Get USDT and Win Against Volatility
3 min read
  • News
  • Press Release

LYOTRADE Launches Crypto Loans – Get USDT and Win Against Volatility

July 2, 2022
A Complete Guide To Cryptocurrency Security
11 min read
  • Cryptocurrency
  • Guide

A Complete Guide To Cryptocurrency Security

July 1, 2022
21Shares And Ark Investment Have Refiled For Spot BTC ETF
3 min read
  • Bitcoin (BTC)
  • Cryptocurrency
  • ETF (Exchange Traded Fund)
  • News

21Shares And Ark Investment Have Refiled For Spot BTC ETF

June 30, 2022
Discussing the Danger And Value Of Following Other Crypto Traders
11 min read
  • Cryptocurrency
  • Guide

Discussing the Danger And Value Of Following Other Crypto Traders

June 30, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%