Скачать или смотреть Ripple Replies to SEC Claims It Caused Damage to XRP Holders

In an ongoing legal battle, San Francisco-based blockchain company Ripple filed a response to the US Securities and Exchange Commission (SEC), repeating that XRP is not a security nor was it necessary for its distribution and sale to be registered as such - stating that the regulator's complaint caused some USD 15bn damage to holders and others. Per the 100-pages document, the SEC’s complaint “advances an unprecedented and ill-conceived legal theory — with neither statutory mandate nor congressional authorization,” that Ripple’s distributions of XRP are investment contracts and thus securities subject to registration. Ripple argues that SEC’s theory ignores a number of functions performed by XRP, which are different from those of securities - "the functionality and liquidity of XRP are incompatible with securities regulation." As an example, the document states that XRP is a medium of exchange, a virtual currency used in international and domestic transactions. Furthermore, no registration was required in connection with any distribution or sale of XRP by Ripple, it said. Ripple denied the great majority of allegations (and all concerning XRP being a security), admitting certain points, such as that Ripple sold XRP in exchange for fiat or other currencies. The company also objected to the SEC's use of the term “Offering,” denying that it accurately describes Ripple’s numerous and different types of XRP distributions over the years. Another set of responses focuses on the alleged damage caused to XRP holders, Ripple partners, and others involved with the company and/or the currency. Prior to the SEC’s complaint, “no securities regulator in the world has claimed that transactions in XRP must be registered as securities, and for good reason,” said the document. Requiring its registration as a security would “impair its main utility,” they argue. It would, said Ripple,Ripple further claims that the SEC had meetings with multiple companies that “traded or facilitated activity in XRP or that planned to do so,” but the regulator didn’t tell them that XRP was a security or that transactions in it would be subject to the federal securities laws. “Consequently, those companies proceeded to play significant roles in the development of use cases for XRP, and further contributed to expanded uses of XRP as a virtual currency, with full knowledge of the SEC,” according to Ripple. There was a lack of fair notice to Ripple and the market, argued the company further, made apparent when a platform decided to list XRP in 2019 after meeting with the SEC, stands further in the text, adding:“Upon information and belief, during that meeting, even when asked, the SEC did not state that it considered XRP to be a security.”Therefore, the SEC has already caused more than an estimated USD 15bn in damage “to those it purports to protect,” said the document.


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