Ripple has issued another formal reaction to the amended court case by the US Securities and Exchange Commission while the proceedings are still ongoing.
According to the assertion of the company, filing the SEC lawsuit was more than enough to cause considerable damage to XRP holders and push numerous service providers in the crypto field to refuse to operate with the token. Ripple assesses that the losses of “those whose interests the SEC should protect” stand at more than $15 billion. Meanwhile, the SEC had accused the company of unlawful sale of securities at an estimated value of $1.3 billion.
More importantly, in the issued 100-page defendant statement, Ripple further affirms its longstanding claim that the SEC is purposefully ignoring or outright falsifying facts, such as alleging that the company XRP sales have been a “vital part” of the XRP market. The company asserts that this kind of trades accounted for less than 0.5% of the overall volume of transactions at virtually all stages of the operation of this market.
In the document, Ripple completely refutes its alleged guilt:
“Ripple never sold or distributed XRP as a form of investment contract.”
The firm also notes that there was not adequate information presented about any violations of its CEO Brad Garlinghouse, so it also denies the charges on the related counts.
Ripple’s business, in the meantime, continues. In the last week, the firm revealed that it is examining a private version of the XRP ledger for utilisation by central banks. As described in a Ripple blog post, the company is ready to “provide central banks with a reliable, controlled and adaptable solution for issuing and running their own digital currencies.”
“We are presently in talks with central banks from around the globe to better understand their goals and evaluate how a private ledger of CBDC can help achieve these goals. We hope our innovative solution will address the major challenges in developing and operating sovereign digital currencies. All while improving value and other benefits for central banks, and, more importantly, for the millions of users who will utilise these digital currencies,” the company noted.
We remind that last month it was reported that Ripple and the SEC failed to reach an agreement on a pre-trial settlement.
