Ripple Claps Back In Response to SEC’s Claims
As the trial of SEC against Ripple still goes on, Ripple continues denying the fact they sold XRP as an investment contract. After their formal response, they say it could rather be compared with oil or diamonds and blame the SEC in total misunderstanding of their token. Ripple’s general counsel is also interested in finding the information about SEC’s conversations about XRP with the other companies.
SEC claims that XRP tokens were minted at a very little cost and are held by the company in large amounts. Ripple doesn’t see anything criminal in it and compares this to Exxon holding oil, De Beers holding diamonds, and Chinese miners holding Bitcoin.
As a response to SEC’s claim against three people from Ripple, the company says that the same people who created XRP, created Ripple and their purpose was to distribute the token as well. They are clearly not having the allegations based on misunderstanding the entire idea of one of the most used tokens in the world.