Ripple, the United States-based blockchain tech payments giant, continues to defend itself against the charges that were put against it by the independent agency of the United States Securities and Exchange Commission (SEC) back in the month of December in 2020. In its latest response to the complaint of SEC, the company has said that it did not hold any ICO.
Ripple Is Maintaining Its Defense
When the US SEC sued Ripple and filed a lawsuit against it, the independent agency of the US called the company’s native cryptocurrency security. However, the San-Francisco-based blockchain payment firm refused to accept it, saying that XRP is not security; rather, it is a digital currency.
The company defended itself and its digital currency at that time, and it is continuously doing the same till now. It has now given a response to one of the complaints of the SEC saying that it never conducted an Initial Coin Offering (ICO) of its digital token.
The main allegations that Ripple Labs is facing are that it had violated the Securities Act of 1933 by conducting the sale of unregistered securities in which it made a huge profit of $1.3 billion. However, Ripple did not accept any of the allegations. While defending XRP, the company says that the digital remittance currency serves various purposes; therefore, it cannot be regarded as a security.
As per the filing, the function of Ripple’s XRP is to serve as a medium of exchange between two entities; therefore, regulating this digital currency does not come under the rights or authority of the Securities and Exchange Commission.
Apart from the company’s latest response, we have seen various statements issued by the Chief Executive Officer (CEO) of the company over the course of the past few days. Recently, Brad Garlinghouse said that the seventh-largest digital currency is going to trade even Ripple goes away.
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Will Cryptocurrencies Bounce Back?
BTC falls below $40k as Saudi Aramco Publishes a Statement on Bitcoin Mining
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...