Ripple Files Response to SEC Lawsuit against Alleged XRP Sales as Securities
Jan 30 2021 · 09:30 UTC | Updated
Jan 30 2021 · 09:43 by Bhushan Akolkar · 3 min read
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The blockchain startup noted that the SEC is unwilling to accept XRP’s utility. The Ripple general counsel also said that the SEC action has unnecessarily created doubt among investors leading to their huge financial losses with falling XRP.
The San Franciso-based fintech startup Ripple has issued a strong response to the US Securities and Exchange Commission (SEC) that alleges that Ripple sold XRP crypto as securities.
Thus, in its response, Ripple notes that the SEC is deliberately ignoring that XRP crypto has utility. In its 93-page filing on Friday, January 30, Ripple has pushed back against the SEC allegations. The filing adds Ripple’s XRP is not an investment contract or security. Similarly, the sales or distribution of XRP is n