Ripple Defendants Allege SEC Attempting Deliberate Delay
- According to the letter, the commission is making yet another effort to put off dealing.
- John Deaton said that the SEC has sparked a debate by bringing in foreign exchange.
The US Securities and Exchange Commission (SEC) is actively expanding its authority over the digital asset sector by initiating various cases against digital asset issuers and associated entities. Even Nevertheless, the long-running Ripple dispute has captured the attention of every credible authority in the field since both sides have just moved for Summary Judgment.
An objection was submitted by Ripple, Brad Garlinghouse, and Chris Larsen in response to the most recent filing by the US SEC. According to the letter, the commission is making yet another effort to put off dealing with this matter until later.
Yet Another Twist
In their attack on the SEC, the Ripple defendants claimed that the agency was attempting to extend its regulatory jurisdiction beyond what was necessary due to an overbroad premise. Furthermore, it was said that the fact that other Amici Curiae want to file briefs in this matter should come as no surprise.
An amicus curiae for the XRP case, John Deaton, has said that the SEC has sparked a debate by bringing in foreign exchange. The commission claims jurisdiction over cryptocurrency sales occurring anywhere in the globe if an offshore exchange keeps even one server in the United States.
The XRP legal team conveniently left out the information that Ripple CEO Brad Garlinghouse owns 95% of the company outside the US. Even though he is an executive, he is compensated in XRP. The CEO of Ripple is now selling part of his interests on a Japanese exchange that has all the necessary permissions to operate. Meanwhile, the head of the SEC has suggested that maybe just one server is located in the United States.
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