The legal battle between Ripple and the US Securities and Exchange Commission (SEC) is still ongoing, but we are now in the final stages after four years.
Ripple recently filed a supplemental document with the U.S. District Court for the Southern District of New York in response to the SEC’s motion for a final penalty and judgment.
In its defense, Ripple points to a recent ruling in the case between the SEC and crypto exchange Binance. Ripple sees similarities between its own situation and the ruling in the Binance case, as both raise similar legal questions.
On June 28, the Binance case ruled that the SEC’s allegations of selling unregistered securities were partially substantiated and partially unsubstantiated.
The court ruled that the SEC had failed to provide sufficient evidence to show that secondary market transactions involving BNB tokens on crypto exchanges qualified as securities transactions.
The court also criticized the SEC’s approach to regulating the industry through litigation, which can lead to inconsistent results and a lack of clear guidance for stakeholders and their customers. Ripple echoes this sentiment, emphasizing the need for clarity on the legality of selling XRP. According to Ripple, this clarity is essential for both its own operations and the broader crypto market.
This lack of clarity also extends to the media. Ripple CEO Brad Garlinghouse recently criticized inaccurate reporting from various news outlets on the status of XRP. According to Garlinghouse, some media outlets, including CoinDesk, continue to falsely suggest that XRP can be considered a security. This is in direct conflict with the ruling by Judge Analisa Torres a year ago that XRP is not a security.
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Source: https://newsbit.nl/ripple-dient-nieuw-bewijs-in-tegen-sec-in-eindfase-van-rechtszaak/
