Source: Adobe / piter2121
Ripple, affiliated with XRP, seeks to capitalize on a recent statement from members of the US Securities and Exchange Commission (SEC) calling for more transparency in the classification of crypto assets, and now expecting its protracted war with the regulator to be dismissed.
As reported last week, two of the SEC’s five commissioners, Hester Peirce and Elad Roisman, they criticized the regulator’s agreement with the website operator Coinschedule , Blotics.
Peirce and Roisman issued a joint open statement, writing that they were “disappointed” that the agreement “did not explain which digital assets promoted by Coinschedule were securities.”
They added that this was “an omission that is symptomatic of our reluctance to provide additional guidance on how to determine whether a token is being sold as part of a security offering or which tokens are securities.”
The SEC has accused Ripple CEO Brad Garlinghouse and CEO and co-founder Christian Larsen of selling XRP as an unregistered security. But Ripple’s legal team has reacted quickly, sending a letter to the judge in charge of the case, Analisa Torres. In the letter, Ripple’s legal team claimed that there was now clear evidence supporting the idea of the case being dismissed.
Noting that the commissioners had highlighted a “decided lack of clarity for market participants,” the legal team added that the letter undermined the SEC’s core allegation in the case – that Garlinghouse and Larsen had voluntarily and knowingly sold XRP. , knowing it was a security.
The SEC, the defense attorney noted, had stated that it would “demonstrate that [Garlinghouse y Larsen] they knew or recklessly ignored that Ripple’s XRP sales and offers required registration as securities and that those transactions were incorrect. “
On Twitter, the attorney for Hogan & hogan Jeremy Hogan called the letter from the two commissioners “a gift to Ripple.”
Meanwhile, Ripple’s offer to question the former head of the SEC’s Corporate Finance Division, William Hinman, the official who delivered the landmark 2018 speech claiming that bitcoin (BTC) and ethereum (ETH) were not values and therefore were not subject to SEC control. took a new turn.
Ripple won its battle to question Hinman earlier this month, despite protests from the SEC. And in a letter to Judge Sarah Netburn, Ripple’s attorneys wrote that they had reached an “understanding” with the SEC on the Hinman matter and had agreed to postpone their testimony. The legal team said it had made “substantial progress in reducing and solving privilege problems.”
They added that there had been “a compromise on the part of all parties”, which would allow Ripple’s lawyers to “examine” Hinman “on various issues without triggering a privilege objection from the SEC.”
As of 07:59 UTC, XRP, which is ranked seventh by market cap, is trading at $ 0.547 and is up 2% in one day, cutting its weekly losses to less than 12%. XRP is the worst performing cryptoasset among the top 30 currencies today.
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