Matthew Solomon, the legal counsel representing Ripple’s CEO Brad Garlinghouse took a direct jab at the SEC and the Securities Act. Solomon described the case as “regulatory overreach,” claiming that the U.S. financial watchdog misunderstood the fundamentals of XRP. He argued that transactions in XRP and its markets, as well as the company’s business, do not exhibit any of the features of an investment contract. He called upon validations from the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2015 and 2020 endorsing XRP as a virtual currency.
Solomon directed his second argument to Garlinghouse. He said:
Ripple’s battle with the SEC has gone from just a lawsuit to pre-trials, with no hopes of an out-of-court settlement.
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Source: Cryptocurrency - investing.com
