According to the Daily News, a media specializing in cryptocurrency on the 21st (local time), Stuart Alderotti, chief attorney for Ripple, said, “The SEC’s legal argument is’whether some of the distributed Ripple formed an investment contract, there is only one.” “What was disappointed with the SEC was that the complaint was revised years later in the first place,” he added.
Alderotti also argued that “the SEC’s case of explaining the Ripple remittance system shows that Ripple is unique and efficient, as it acknowledges that Ripple is used for cross-border payment systems.”
On Thursday, the SEC filed a revised complaint against Reflaps. The complaint details the role of Ripple Labs executives in the process of selling XRP to institutional investors by Brad Gallinghouse, CEO of Ripple Labs and Chris Larson, Ripple co-founder. The SEC claimed that Garlinghaus was “deeply involved” with Ripple and claimed he had sold some of the portfolio. The SEC claimed that Garlinghouse and Larson adjusted their sales according to the price of Ripple.