Ripple has filed an initial response to a federal lawsuit filed by the US Securities and Exchange Commission (SEC) for violating securities laws.
The 93-page document says the SEC's lawsuit is based on an ill-conceived legal theory that ignoresXRP performs a number of functions that are not inherent in the definition of securities established at the legislative level.Therefore, Ripple believes that the Commission does not have the authority to independently regulate this digital asset.
Along with the response, the company also filed with the SECa request for information in several areas, including an explanation of why Ether (ETH) is not a security.
After filing a response on Friday, Ripple said that despite the slow progress of the lawsuit, it is trying to clarify the matter as quickly as possible.The company is concerned that following the regulator's indictment, investors and retail owners of XRP areHuge losses due to the fall in the asset rate by almost 50%.
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