Ripple submitted its first defense to the court after the SEC’s lawsuit. General Counsel Stuart Alderoty, who has more than 30 years of legal experience with expertise in banking, regulatory affairs and complex litigation at Ripple, said in a statement:
Today, we presented our preliminary legal response to the SEC’s complaint. However, we are beginning to beat the SEC and correct many misunderstandings and contradictions in its claims.
No other country has classified XRP as a security. The SEC is in contradiction with its US counterparts and its counterparts in other G20 markets. Ripple has never held an ICO, we have never sold or offered XRP as an investment. XRP has been trading in an open market independent of Ripple for 8 years.
We also requested a Freedom of Information Act asking how the SEC determines whether ETH is a security. No explanation or guidance was given regarding the cause. We just want the rules 1. to be clearly articulated 2. to be applied consistently.
We aren’t just defending this case for ourselves, we are fighting for everyone who suffered from the SEC’s filing, to maintain order in the markets and, most importantly, for the clarity of the industry. We will strive to resolve this case as quickly as possible.