Ripple, the record holder for the number of lawsuits in the pa | News Crypto currency

Ripple, the record holder for the number of lawsuits in the past month and a half, has filed an official response to the claims of the US Securities and Exchange Commission (SEC). This document can come back to haunt the cryptocurrency industry.

On January 29, Ripple Labs submitted a response to the SEC complaint. The company has once again stated that the XRP token is not a security, and therefore does not overlap with the interests of the SEC. In addition, Ripple has made it clear that it is ready to drag the rest of the cryptocurrency industry into this struggle, in an attempt to prove its case.

Ripple said in its response, the SEC ignores the fact that XRP performs many functions other than the functions of a security. XRP functions as a virtual currency as a means of payment for international and domestic transactions. It is not a security, and the SEC does not have the authority to regulate it as such.

Further, representatives of Ripple question the legal status of Ethereum. The SEC has repeatedly explained that while its initial coin offering may have been a securities offering at the time, the Ethereum token is decentralized enough to qualify as a commodity, and therefore Ethereum trading in the US is administered by the Commodity Futures Trading Commission ( CFTC).