Ripple Chief Legal Officer Stuart Alderoty announced the availability of the redacted opposition brief, saying,
“Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto in the US. We remain confident that the Judge will approach this final remedies phase fairly.”
Ripple presented arguments that future violations will not recur. Significantly, Ripple addressed the SEC claims of post-complaint breaches of US securities laws, stating,
“It has ensured that its counterparties qualify as accredited investors. And its subsidiaries have obtained licenses to sell XRP as a digital currency outside of the United States, under the supervision of regulators, who do not treat XRP sales as sales of securities.”
Ripple also that it limited post-complaint XRP sales to ODL sales, stating that Ripple’s ODL contracts protect buyers from losses and prevent them from earning profits. Furthermore, most of Ripple’s ODL business is outside of the US.
Addressing the SEC push for a $2 billion disgorgement, Ripple argued,