SEC Shouldn’t Win ‘Most Overbroad’ Ripple Suit, Court Told

By Emilie Ruscoe. November 16, 2022. (Law360)

A group of investors in Ripple Labs Inc.’s signature digital assets XRP have argued the U.S. Securities and Exchange Commission’s allegations in its suit against the blockchain company “are quite possibly the most overbroad, far-reaching claims ever made in an SEC enforcement action,” asking a New York federal judge to deny the regulator a win in its suit.

In a Wednesday amicus brief, the group of six individual XRP holders told U.S. District Judge Analisa Torres she should deny the SEC’s September motion for summary judgment, telling her the SEC seeks to have jurisdiction over “an entire digital asset ecosystem” by asking for her to rule in its favor on its claim the sale of XRP constitutes offering unregistered securities.

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