Ripple (XRP) vs SEC: CEO responds to SEC opposition amid XRP-SWIFT uncertainty

There isn’t a day we don’t hear about the progress of the legal battle between Ripple and the SEC. In a recent report, Brad Garlinghouse’s company announced that it is appealing the DPP’s decision.

A Russo-Ukrainian war history

At the time of writing, it is raining targeted sanctions on Russia. Among others, the dissolution of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the communication network that underlies almost all global financial transactions.

With that being the case, many are hoping for a face-to-face that will push the Russians to adopt the major cryptocurrency. Therefore, the trading volume tied to the Ruble-Bitcoin pair (RUB/BTC) has reached the equivalent of 9 months of financial movements.

This context prompted the Ripple CEO to come out of his silence, discussing the authenticity of his native token XRP and other cryptocurrencies, as well as addressing the blockchain’s involvement in international sanctions relief.

That’s why he wrote:

To clear any confusion – RippleNet (although it can do much more than SWIFT messaging) respects international law and OFAC sanctions. Point by point. »

In the face of sanctions against Russia or litigation against the SEC, Ripple is undoubtedly on the side of the law.

Responding to SEC Appeal

Defense attorney James K. Filan informed the XRP community of this response to the SEC’s opposition via a tweet dated Feb. The appeal in question actually required the disclosure of memos between SEC commissioner Roisman and Ripple CEO Garlinghouse.

Here is Filan’s post:

Brad Garlinghouse responded to the SEC’s objection to Mr. Garlinghouse’s motion requesting the disclosure of the notes (‘Estabrook Notes’) from the November 9, 2018 meeting between former SEC Commissioner Roisman and Mr. Garlinghouse. »

Is the SEC over-rated?

Stuart Alderoty, Ripple’s chief legal officer, said the 2012 memorandum is enough to demonstrate the company’s founders’ goodwill towards digital token issuance plans at a time when clear guidelines applying to crypto are lacking.

The recent release of data on the first filing and the second note, indeed ” convincing argument Given that early XRP tokens are not subject to any federal securities laws. And taking into account the advice received at the time, the company has the right to brag in the face of positive public opinion.

In addition, Ripple Labs Inc.’s securities regulations, a wide range of banking laws, anti-money laundering systems, taxation, etc. It is also useful to remember that he asks for help in matters.

To add to Ripple’s GC:

The fact that a government agency is taking these notes and trying to use a company that does the right thing as a sword or club rather than applauding as the company’s chief legal officer, but also as a lawyer. 35 years, I find this incredibly offensive. »

Elephant would have liked the SEC to take time to review Perkins Coie’s files before deciding anything. And then it could make Ripple an example of compliance for other players in the cryptosphere to follow. Unfortunately, this is not the case. To be continued !

Source: Finbold

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Mikaia Andriamahazoarimanana

The blockchain and crypto revolution continues! And on the day that its effects will be felt in this world’s most fragile economy, I will say that, despite all hope, I have had a hand in it.