Ripple CEO Garlinghouse: you’ll hear about the incident soon by Ripple and XRP
Ripple’s attorney, Stuart Alderoty, says there is only one legal question at the center of the charges filed by the U.S. Securities and Exchange Commission (SEC) against the San Francisco-based payment company.
Earlier this week, the SEC formally sued the company over allegations that XRP was a Securities and that the company was selling unregistered securities.
Ripple’s attorney, Stuart Alderoty, asks why the SEC complaint, which dates back to 2013, hasn’t been filed in seven years and accuses the SEC of failing to pass on the whole story, a Daily Hodl reported.:
There are no allegations of” fraud “or” misrepresentation.” There is only one legal question: did some of Ripple’s XRP distributions form an investment contract? We look forward to making a case in court and providing the sector with the clarity it deserves.”
According to alderoty, the SEC is not fully reporting the incident:
“As always, SEC facts, citations, etc. it makes it shorter. For example: it does not specify that Ripple’s XRP sales during 2018 represented only 0.095% to 0.43% of global XRP volume, and in the first quarter of 2019 these sales accounted for 0.22% of total trading volume.”
Ripple’s lawyer also says the SEC complaint contradicts other classifications made by the U.S. government:
“In 2015, the US government concluded that XRP is a digital currency. As far as I know, the SEC is still part of the U.S. government. The good thing is, the industry will finally get the clarity it deserves.”
Both Alderoty and Ripple Chief Executive Brad Garlinghouse say the world will soon hear of the incident from Ripple:
“A very important reminder!
The world has heard the story so far from the SEC’s side. As the legal process begins, the world will soon hear the facts clearly and completely.”