Lawyers for Ripple say that recent evidence cited against the San Francisco-based payments company by the U.S Securities and Exchange Commission (SEC) is wholly irrelevant and misleading.
The SEC accuses Ripple of unlawfully selling its native XRP token as an unregistered security and alleges that XRP remains one today.
The SEC has cited over 70 other related lawsuits in an effort to claim that Ripple had been “put on notice” regarding their issuance of XRP and therefore, should’ve known that their token was illegal.
However, Ripple’s lawyers argue that this claim “is not just disputed, but it is highly misleading.”
According to the attorneys, half the cases that the SEC has referenced in the report by Cornerstone Research involve initial coin offerings (ICOs), which Ripple didn’t do, and the other half don’t pertain to the issuance of digital assets like XRP.
“Thirty-seven of the 75 cases cited in the Cornerstone Report (approximately 50% of the total) did not