New York Court Letter by CoinEdition Says: ‘SEC Can Prove Ripple Sold XRP’


New York court letter says “SEC Can Prove Ripple Sold XRP”
  • The Securities and Exchange Commission said it takes no position on the Digital Chamber of Commerce in providing a friendly brief.
  • The Securities and Exchange Commission may seek compensation from the court in such a case.
  • The Securities and Exchange Commission (SEC) can prove that the promoted and sold XRP tokens.

The US Securities and Exchange Commission (SEC) has stated that it does not take any position on the Digital Chamber of Commerce in filing an amicable brief in the XRP vs. SEC lawsuit. However, the regulator has requested a response and asked for more time or pages if additional friend feeds are allowed.

Defense attorney James K. Phelan shared a copy of the message on Twitter (NYSE:):

Meanwhile, John Deaton, a friend of the court in the lawsuit, spoke about the possibility of the parties entering into a settlement agreement. Deaton stated that settlement in the case relies on the SEC as well as on disclosure of drafts of Hinman’s letter, emails and other related documents.

In addition, there is also speculation making the rounds on the internet that XRP and ETH will be compared, in summary. However, the discovery of Hinman’s letter document carries a decisive factor. While confirming the tweet, Phelan said the letter may be targeting Deaton, as the court may have more additional amicus briefs allowed.

The letter from the Southern District Court in New York states:

The Securities and Exchange Commission (SEC) may seek further relief from the court, including additional time for its response and/or additional pages for its October 18 opposition brief, if additional amicus briefs are allowed.

In Deaton’s defense, he took to Twitter explaining that the issue was about promotion and marketing. “The SEC can prove that Ripple is promoting Ripple. The Securities and Exchange Commission (SEC) can prove that Ripple is being promoted and sold for XRP tokens.” According to him, the only specific sales that the SEC can prove are to accredited investors, which are not securities.

Earlier, Ripple, in a summary of its ruling in the movement, argued that XRP cannot be considered a security because there is no investment contract that grants investors rights or requires the issuer to act in their favour.

The post “SEC Can Prove Ripple Sold XRP” says that the New York court letter appeared for the first time in the Coin Edition.

See the original on CoinEdition





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