In the latest Ripple and SEC lawsuit development, the U.S. Securities and Exchange Commission plans to file a response to Individual Motions to Dismiss. James K. Filan, one of the attorneys representing Ripple Labs, Tweeted on Friday that the plaintiff’s response will be up to 60 pages in length. In addition, he noted that counsel for the individual defendants, namely Ripple executives Brad Garlinghouse and Chris Larsen, does not consent to this response.
Ripple continues to fight the lawsuit.
The SEC letter to the judge also noted that the plaintiff anticipates they will address their reasons for not consenting in a written opposition. The defense attorney at Filan LLC in Connecticut also addressed the need to hear the defendants’ exact reasons. However, he believes the explanation will be “relatively straightforward.” “Best to hear the exact reasons from them than it is to guess,” a later Tweet said. In response to a question from one follower, James Filan mentioned that there are no hearings scheduled for the week ahead.
Ripple CEO says U.S. is the only country to deem XRP as security.
The SEC’s new filing is the latest development in the SEC’s ongoing suit against Ripple Labs. As reported earlier, Ripple CEO Brad Garlinghouse said that the inability of U.S. authorities to implement clear and precise regulations on the cryptocurrency industry is “frustrating.” Earlier, Ripple Labs had claimed that the SEC was contacting their regulators for discovery purposes as an intimidation tactic. Ripple CEO praised countries like Singapore and South Korea for taking a thoughtful approach towards crypto. He noted, “United States is the only country on the planet that has said XRP is anything other than a currency. The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. So far, I feel good about how that’s been going, but it’s certainly frustrating.”