We recently wrote that the court rejected the SEC’s demands not to use former CFO William H. Hinman in court proceedings, who in 2018 stated that Ethereum was not a security.
Now Ripple’s lawyers have demanded that the SEC charges against the company be declared invalid. Since the position of the regulator is ambiguous regarding digital assets. In addition, the Securities and Exchange Commission failed to prove that the defendants were aware of the need to register XRP tokens as securities before selling them.
“Individual Defendants file letter and Peirce & Roisman statement as supporting Motions to Dismiss amid “significant regulatory uncertainty regarding when digital assets may be classified as securities by the SEC” – commented by lawyer James Filan.