Ripple’s senior attorney, Stuart Alderoty, has resorted to Twitter once again to rigorously refute the charges made by the United States Securities and Exchange Commission (SEC) in the continuing high-profile lawsuit.
Alderoty reaffirmed the blockchain payments company’s defence when addressing the agency and critics.
Stuart Alderoty, general counsel for Ripple, claims that there is no investment contract since there is no legal agreement between the firm and investors.
Alderoty said that the SEC has failed to fulfil any of the iconic Howey Test criteria. He further argues that the commission’s reliance on precedent initial coin offering (ICO) decisions is irrelevant to the XRP complaint.
In December 2020, Ripple was sued for allegedly generating over $1.3 billion via an unregistered securities offering. Due to the prominence of the XRP cryptocurrency, which is utilised by Ripple’s payment network, this case is one of the largest crypto-related lawsuits now pending before the SEC. It has generated a considerable lot of media attention.
In addition, the lawsuit is nearing completion after a two-year fight. Ripple and the SEC submitted redacted responses to each other’s objections to summary judgement requests earlier this month.
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