XRP: Is SEC's decision to prosecute CEOs of Ripple for bite?

Despite the speculations about a possible settlement of the lawsuit, the litigation procedure was as frightening as ever with several requests and responses every day in the Ripple v SEC lawsuit. Another such reply to a previous motion was submitted at the time of writing. In support of Ripple's request to oblige the SEC to provide internal records this time by the defendants themselves.

In the above motion, Ripple Labs stated that "despite repeated directives the SEC refused to seek reactive evidence on external communications in its archives." In reply, the SEC said that Ripple's application for documentation relating to SEC's internal trade regulations was irrelevant to the situation.

However, "that's wrong," the defendants say. The defendants reiterated an argument in the above-mentioned motion to urge him.

"It will probably be shown by the SEC trading policies that XRP or other digital assets were not regarded securities by the SEC, or that XRP deemed significantly comparable to other digital assets it specifically declared were not securities."

That is important, circumstantial evidence of the regulatory condition of those digital assets which an objective buyer would have recognized," the letter continued.  The answer also took shot at Ripple execs Garlinghouse and Larsen, the choice of the agency to bring charges to people. According to the defendant's lawyer, if SEC failed to classify XRP as security by internal documentation, Larsen and Garlinghouse could not have believed that the digital asset is a security.

The Agency had itself objected to the same, claiming that such domestic trade practices were not publicly known to the defendant. However, Ripple, Larsen and Garlinghouse conclude that this claim, as a matter of law, "is immaterial." The answer was added.

"Except when these rules might offer the requisite evidence of objectively unresponsive individual defendants or of a plausible reading of the Statute that is compatible with the behavior of the individual defendants."

When the news initially appeared, the SEC decided to prosecute Garlinghouse and Larsen "a step that had been unusual." Although some regarded it as just another attempt by the SEC to tighten up the activities of the blockchain company, others argued that this was the foolishness of the regulator.

Jeremy Hogan, for example, attorney

"The choice of the SEC to suit Garlinghouse/Larsen once again hits them in the ass (the legal phrase is that). Ripple wants the trading instructions of the SEC – and I bet that they do NOT state "Do not trade XRP." These materials are probably not meaningful without the particular defendants."

Procurator John Deaton also pitched quickly,

"At the beginning of a case last month I tweetened that a prosecutor's most significant choice was at the beginning of the choice on which charges to bring. I anticipated that with help and encouragement the choice to charge@bgarlinghouse and @chrislarsensf would return to haunt @SEC News."

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