Ripple CLO Shares Doc Showing How SEC Labeled XRP a Security

The Ripple Chief Legal Officer Alderoty recently shared a document showing how the SEC labeled XRP as security.

Ripple’s Chief Legal Officer Stuart Alderoty has dismissed claims by critics who argue that the SEC never labeled XRP a security.

In a recent tweet, Alderoty shared a document showing how the Securities and Exchange Commission labeled XRP a security in its complaint against Ripple Labs.

pic.twitter.com/RIoAbs1pM5

August 5, 2023

The SEC argued that Ripple sold XRP as an investment contract per the document.

“At all relevant times during the offering, XRP was an investment contract and therefore a security subject to the registration requirements of the federal securities laws,” an excerpt read.

Interestingly, Alderoty said Judge Analisa Torres “ultimately rejected” the SEC’s theory.

Alderoty Dismisses Critics’ Claim

Recall that the cryptocurrency community has been commenting on the SEC v. Ripple ruling  issued last month. Notably, Judge Torres ruled that XRP itself is not a security.

However, some critics argued that Judge Torres should not have commented on the legal status of XRP, adding that the SEC never labeled the coin a security.

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