Ripple is finally looking forward to the SEC lawsuit’s resolution after nearly two years of protracted litigation.
Ripple’s Counsel Drops Suit Hints
On December 6th, Stuart Alderoty, the general counsel at Ripple, forwarded a tweet from Brad Garlinghouse in which the CEO shared a bloomberglaw article on Alderoty. Alderoty said he couldn’t have wished for a finer staff, and the Ripple General Counsel congratulated them in the retweet.
As the company “hit the beginning of the end with the SEC complaint,” Alderoty said that he is grateful to all of his exceptional Ripple coworkers.
After that, on December 7th, Alderoty started a Twitter thread where he responded to CoinDesk’s op-ed, which included SEC Chairman Gary Gensler among others.
SEC’s Case Is Weak
Alderoty said with amusement that even critics recognize that the SEC’s invitation to crypto firms to register is comparable to sending a Ford Model T into space. Alderoty continued by outlining Ripple’s legal standing after that.
He claimed that their main defense is that XRP holders and Ripple do not have an investment contract. Second, according to Alderoty, the SEC has failed to demonstrate that the XRP is a security because it has not been able to demonstrate any of the Howey test’s prongs and Ripple has not conceded one. The SEC’s reliance on typical ICO instances, according to the counsel’s most recent statement, is irrelevant in this instance.
Alderoty also stated that the SEC and other detractors trying to recast their arguments is proof that they have no answers for the arguments Ripple is making.
In a recent interview with Yahoo Finance, Gary Gensler, the chairman of the SEC, took part. Notably, Gensler said in his interview that the agency does not need to get more authority to pursue cryptocurrency. The ability to reach international areas and additional money, he continued, would be really helpful.
Ripple Has Been Busy
As the Ripple case continues to unfold, the company has been busy trying to endear itself in new markets. Early last month, Ripple Labs formed new partnerships in France and Sweden. Ripple inked agreements for its “On-Demand Liquidity” system with Swedish money transfer company Xbaht, which specializes in remittance payments between Sweden and Thailand, and Lemonway, a regulated payments provider for online marketplaces with headquarters in Paris.
The group of banks and payment service providers who have agreed to utilize Ripple’s blockchain network for international payments has clocked up payment volume of over $15 billion annually, the company announced in a press statement.
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