Ripple Submits FOIA Request to the Securities and Exchange Commission

Crypto traders must live under a rock if they haven’t heard about the Securities and Exchange Commission’s recent lawsuit against Ripple’s developers. The majority of crypto exchanges delisted XRP tokens and halted XRP trades after the SEC filed an official lawsuit. Ripple’s Executive Chairmen and CEO will attend a virtual court hearing set for February 22, 2021, to address accusations of trading XRP tokens as securities. The virtual pretrial conference with Judge Analisa Torres will address both parties’ statements and determine whether a settlement will be reached.

Ripple and the SEC must file a joint statement before February 15, 2021, to outline their cases. After the SEC’s lawsuit, Ripple didn’t take responsive action until recently when the startup DeFi filed affirmative defenses. Ripple has maintained its stance throughout the investigation that XRP tokens aren’t considered securities. On January 29, Ripple filed a ninety-three-page response to the claims brought forth by the Securities and Exchange Commission.


XRP Distributions not Considered Investment Contracts by Ripple
Ripple declares XRP distributions or sales aren’t considered investment contracts in its official response. Ripple doesn’t consider XRP tokens as securities, but the Securities and Exchange Commission disagrees. In Ripple’s response filing, the cryptocurrency giant claims the SEC failed to address potential legal violations promptly. Ripple claims the SEC’s short notice actions against XRP trades were illegal.

Ripple also pointed out its recent settlement with the Financial Crimes Enforcement Network that registered XRP tokens as a convertible currency for secondary sales. In the official report, Ripple states that the Securities and Exchange Commission was aware of a 2015 ruling and failed to take timely action. The response also claims the SEC’s lawsuit is not viable, thanks to the Financial Crimes Enforcement Network’s previous ruling. Ripple believes the SEC’s case violates federal laws on several levels.
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