Ripple Slams SEC's 'Unprecedented And Ill-Conceived' Suit

Law360 (January 29, 2021, 8:39 PM EST) -- Fintech startup Ripple on Friday blasted the U.S. Securities and Exchange Commission's "unprecedented and ill-conceived" suit over its sale of $1.39 billion in digital currency, saying the agency is overstepping its authority and playing favorites in the crypto space.

The SEC's "sprawling and convoluted" complaint, which alleges the ongoing sale of Ripple's cryptocurrency, XRP, amounts to a securities offering, bucks a widely-held view among global regulators that the San Francisco-based company's signature digital currency is not an "investment contract," Ripple said in its answer in New York federal court.

"Those determinations are consistent with the economic reality that XRP functions as...

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