For the lawyer of Ripple, the memoranda that the SEC attempts to use as evidence against represent the company’s efforts to do things in accordance with the provisions for the laws in force in 2012.
La disputa actualmente en tribunales de la U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) againstRipple is still ongoing, and a new complaint appears to allege malpractice on the part of the regulator in relation to the case.
La SEC uses legal memos offensively, says lawyer forRipple
This was pointed out by the attorney general ofRipple, Stuart Alderoty, who indicated that the company’s founders submitted a couple of memos in 2012 requesting information and making clear their intention to issue tokens for trading, this at a time when there were no clear rules or business regulations applicable to the case.
Los memorandos en cuestión fueron presentados por la firma legal Perkins Coie en dicho año, y en los mismos quedaba constancia de las intenciones de Ripple for doing what it ended up doing in accordance with applicable law and acting under the liability required for the case.
In addition to this, Alderoty indicated that in due courseRipple sought advice on securities laws and banking regulations, as well as anti-money laundering and tax evasion regulations. This leads the lawyer to ensure that the SEC did not review at the time the memorandums issued by Perkins Coie, although these were duly filed with the agency.
The signalling came after the SEC to present such memoranda and attempt to use them as evidence againstRipple in the ongoing trial, to which Alderoty commented:
“For a government agency to try to take those memos and use them as a sword or a cudgel…instead of applauding a company’s efforts to try to do things the right way…[I] as general counsel for the company, but also as a lawyer who has been practicing for the last 25 years…find it particularly offensive.”
Los memorandos de Perkins Coie
As such,Ripple came in 2012 and requested the services of Perkins Coie to review its plans for the launch of its token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. XRP. In one of the memoranda submitted by the law firm, it indicated that there were strong arguments for contemplating that the assets to be traded would not be subject to the securities laws, although it noted that there might be a small risk that the SEC considerase las monedas digitales valores a futuro, esto por la falta de marcos jurídicos aplicables para ese momento.
These memoranda were submitted by the SEC as evidence thatRipple was fully aware that the government might consider its sale of cryptocurrencies to be an unregistered securities offering, and that despite this, it went ahead with its plans to launch and market an area or arena, online or offline, in which commercial dealings are conducted. the token XRP.
Both inside and outside of the ongoing legal dispute, on repeated occasions executives ofRipple han sido muy enfáticos en que el token XRP no es un valor, ya que este no cumple con los criterios aplicables para tal definición, partiendo de que los propietarios del mismo no tienen participación accionaria sobre la compañía ni derivan ganancias por dicho concepto.
Ripple has also criticized that the legal accusations against him come seven years after the token was launched and marketed. XRP, cosa que resta muchísima pertinencia al proceso en su contra, calificándolo como un abuso de poder aún cuando no hay todavía leyes claras para definir a las criptomonedas.
The scales are tipping in favour ofRipple
Although the legal battle dates back to the beginning of 2021, the progress and developments in the case seem to be tipping the balance towardRipple, which has been adding small victories along the way.
Recently the former executive of the SEC, Joseph Hall, indicated that in the case ofRipple the regulator, which is currently being disputed in court, the utility company Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. has everything it takes to win the legal battle.
Among the small victories achieved byRipple highlight access to documents and emails from the regulator on certain important issues, especially associated with the regulatory outlook towards currencies such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , Ethereum a decentralized open-source blockchain with smart contracts functionality. , e incluso exchanges como Binance, as well as downplaying the allegations of personalities important to the legal dispute.
Let’s keep in mind that on repeated occasions the CEO ofRipple, Brad Garlinghouse, has referred to this trial as a transcendental dispute for the ecosystem of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies, since the verdict of the case will set an important precedent on the treatment and definition that cryptocurrencies and the responsible entities will have for U.S. laws.
- Former SEC exec says Ripple has a good chance of winning its lawsuit against him
- Ripple Secures New Victory: Judge Grants Access to SEC Emails on Ethereum
- Ripple CEO says legal dispute against SEC could end in 2022
- Coinbase is an American company that operates a cryptocurrency exchange platform. CEO on Ripple: “The SEC is realizing that attacking cryptocurrencies is politically unpopular.”
Source: Finbold , archivo
Version by Angel Di Matteo / DiarioBitcoin
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