Ripple’s Tenacity Meets SEC’s Challenge In Pivotal Lawsuit

The case, which has been unfolding for nearly three years, centers around allegations that Ripple and its co-founders violated securities laws by selling $1.3 billion worth of its native cryptocurrency, XRP, without proper registration.
Monica Long, President of Ripple, stated to CNBC that they are determined to “fight the case all the way through.” Ripple has consistently argued that XRP should not be classified as a security but rather as a commodity, a stance backed by a pivotal ruling by U.S. District Judge Analisa Torres in July, which indicated that XRP may not necessarily be deemed a security.
The SEC, however, maintains its position that the company violated securities law by making XRP available to retail investors through crypto exchanges. The regulatory agency recently responded to a Ripple memo, asserting the need for appeals court intervention to resolve this crucial question. The company had argued that the SEC’s case did not merit an appeal.
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