Stuart Alderoty expressed,Today, Ripple filed our answer to the SEC’s amended complaint. Notably, with full transparency to the SEC: XRP was listed on 200+ exchanges, billions of dollars in XRP were bought/sold monthly. Many market makers had daily XRP transactions and 3rd party products (not developed by Ripple) used XRP.
Further stated, we’re looking forward to learn more about the SEC’s meetings with major XRP market participants who asked for guidance, but were never told that XRP transactions would be subject to the federal securities laws.
The Full Filing is of 100 pages at the United States District Court, Southern District of New York. The plaintiff is named as Securities and Exchange Commission and Ripple Labs INC, Bradley Garlinghouse and Christian A. Larsen.
The second para of the reply from Ripple states: “Before this case, no securities regulator in the world has claimed that the transactions in XRP must be registered as securities, and for good reason. The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility. That utility depends on XRP’s near-instantaneous and seamless settlement in low-cost transactions. Treating XRP as a security, by contrast, would subject thousands of exchanges, market-makers, and other actors in the gigantic virtual currency market to lengthy, complex and costly regulatory requirements never intended to govern virtual currencies.”
The RippleX Platform facilitates its users with developer tools, services, and programs to integrate money into their apps. It is the open platform for money.
For clarity, the RippleX developer site is just a testing environment. The references made to XRP and XRP Ledger addresses correspond to the XRP Ledger Testnet and it does not refer to actual XRP Ledger addresses or real XRP. The Testnet XRP does not have a recognized value and it is not possible to redeem the testnet value for XRP or fiat currency.
The Testnet ledger addresses and balances can be reset any time thus resulting in their permanent loss and further it will be routinely reset for every 90 days.
RippleX technology builds on open source core technologies, which makes it possible to send and receive real-time payments in any kind of currency.
The tools provided by RippleX platform makes it easy for developers to integrate core technologies into their applications like APIs, SDKs, Sample Code, Docs, and Demos.
The RippleX services makes it easy to access the networks on which these core technologies operate like providing access for data, test, development networks, and ledger explorers.
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