In its Memorandum in Opposition submitted over the weekend, the SEC disputed the Ripple Defendants’ Motion to Dismiss in the continuing litigation.
An individual stated that their opinion on Twitter through the Internet profile associated with the username “bill” has objected to the responses made by the SEC to the court’s motions. They believe that the SEC has responded to Ripple’s lawsuits with poor judgment and that the SEC might have responded to more sensitive issues with a strict focus on certain XRP gift or sales made by Ripple.
In his commentary, he decries the SEC’s attack on all XRP sales and offers over the past 8 years, including sales made on secondary exchanges, an extensive case.
CryptoLaw founder John Deaton believes that Ripple could benefit from the SEC’s ambiguity.
The SEC didn’t give any specific sales using contracts, which is fantastic news for Ripple. Just all transactions, not any particular ones. I fail to see how it might hold.
The SEC goes too far in dismissing Ripple’s claim to interpret undefined legislative words, an investment contract, with reference to the pre-1933 blue sky law precedents. Nevertheless, lawyer Bill only offers two of the SEC’s arguments as compelling.