Ripple attorney says SEC is wrongly using the outcome of another case

The defendant lawyers of Ripple claimed that US regulators are using the outcome of another case against Ripple company. 

Ripple is a top-level blockchain network project and this company is working to bring adoption of crypto and blockchain technology. Besides the pushing adoption, Ripple is working with a few Central banks to develop their own blockchain-based asset, CBDCs. In December 2020, US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and its two executives to sell unregistered XRP securities. 

Around a week ago, the SEC agency filed a motion against the defending fact of the Ripple company. SEC agency took the reference of Fife case, in which Court supported SEC agency and also dismissed the fair notice defence of Fife, in SEC vs Fife case. 

Now, in response, the attorneys of Ripple company filed a motion against the SEC agency with a federal judge and claimed that the SEC agency is wrongly trying to use the outcome of another case. 

According to Ripple’s attorneys, this case of Ripple vs SEC lawsuit is different from the SEC vs Fife case. And here both of these two cases are a different procedural posture. 

Ripple is securities or not: a turning point 

Here the SEC agency is doing its best to prove that the native token of the Ripple company, XRP, is Security. But on the other hand, Ripple company clearly said that XRP is only a Digital asset, not security. 

The whole allegation against the Ripple company and on its two executives is trying to say that selling of XRP tokens was illegal because it was security, not a digital asset. And to prove all allegations true, the SEC Agency needed to prove the XRP is Security. 

At some points, a situation arose in the past, where the SEC agency almost failed but still at some point, the agency showed its best. 

However, the case against Ripple company was started in December 2020, during the leadership of Jay Clayton, who was SEC chair. 

But now Gary Gensler is Chairman at SEC agency, he is still not able to give a precise statement on Ethereum, whether it is a security or not, during a recent interview with CNBC.

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