{"id":38491,"date":"2021-03-08T11:50:11","date_gmt":"2021-03-08T09:50:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38491"},"modified":"2025-08-30T04:57:34","modified_gmt":"2025-08-30T01:57:34","slug":"sec-urges-court-to-deny-xrp-holders-motion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-urges-court-to-deny-xrp-holders-motion\/","title":{"rendered":"SEC urges court to deny XRP holders\u2019 motion"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) filed a motion to deny the XRP holders&#8217; petition against Ripple. The filing was submitted to the U.S. District Court for Rhode Island.<\/p>\n<p><!--more--><\/p>\n<p>In January 2021, a group of investors <a href=\"https:\/\/www.tbstat.com\/wp\/uploads\/2021\/01\/xrp_investors_sec.pdf\" target=\"_blank\" rel=\"nofollow noopener\">demanded<\/a> that the regulator amend the lawsuit against the California-based company and stop referring to the coin as a security. According to them, the SEC &#8216;deliberately and intentionally&#8217; caused XRP holders &#8216;multibillion-dollar&#8217; losses.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"1IwcIcH2kl\">\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">SEC filed a suit against Ripple<\/a><\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cSEC filed a suit against Ripple\u201d \u2014 ForkLog\" src=\"https:\/\/u1f987.com\/news\/sec-podala-isk-protiv-ripple\/embed#?secret=AdPYWW6YPV#?secret=1IwcIcH2kl\" data-secret=\"1IwcIcH2kl\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>In the motion, the regulator stated that the petitioners had not provided a compelling basis to abandon the position it had taken.<\/p>\n<blockquote>\n<p>\u201cThe authors of the document failed to show that trading platforms for digital assets would move the price or that XRP&#8217;s value would rise if the Commission amended its complaint,\u201d the SEC said.<\/p>\n<\/blockquote>\n<p>Against the backdrop of Ripple&#8217;s problems with U.S. authorities, some major companies stopped supporting the XRP token. Among them \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-and-okcoin-halt-xrp-trading-amid-sec-lawsuit\">Coinbase and OKCoin<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/bitstamp-halts-xrp-trading-for-us-customers-as-token-price-resumes-decline\">Bitstamp<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/kraken-to-halt-xrp-trading-for-us-residents\">Kraken<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-halts-support-for-ripple-token-amid-sec-lawsuit\">Galaxy Digital<\/a>.<\/p>\n<p>The asset-management company Grayscale Investments <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-investments-to-liquidate-xrp-based-investment-trust\">announced the liquidation<\/a> of its Ripple-based investment trust, and 21Shares <a href=\"https:\/\/u1f987.com\/en\/news\/21shares-excludes-ripple-token-from-its-etps\">excluded it<\/a> from its exchange-traded products.<\/p>\n<p>MoneyGram <a href=\"https:\/\/u1f987.com\/en\/news\/moneygram-halts-cooperation-with-ripple-amid-sec-lawsuit\">stopped using<\/a> an XRP-based product. The California-based company was backed by another partner \u2014 the financial giant <a href=\"https:\/\/u1f987.com\/en\/news\/japanese-financial-giant-sbi-holdings-backs-ripple\">SBI Holdings<\/a>.<\/p>\n<p>In February 2021, the SEC filed an <a href=\"https:\/\/u1f987.com\/en\/news\/sec-clarifies-brad-garlinghouses-liability-in-ripple-lawsuit\">amended version of the suit<\/a>, focusing on the responsibility of Ripple&#8217;s CEO Brad Garlinghouse and its co-founder Chris Larsen. The head of the company called the Commission&#8217;s actions &#8220;<a href=\"https:\/\/u1f987.com\/en\/news\/ripple-ceo-brad-garlinghouse-calls-sec-lawsuit-regulatory-overreach\">regulatory overreach<\/a>&#8220;.<\/p>\n<p>On March 5, Ripple won a case against the British investment firm Tetragon Financial Group.<\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\"text-decoration: underline;\" title=\"View Respondents SEC Motion to Dismiss US DisRI on Scribd\" href=\"https:\/\/www.scribd.com\/document\/497839117\/Respondents-SEC-Motion-to-Dismiss-US-DisRI#from_embed\">Respondents SEC Motion to Dismiss US DisRI<\/a> by <a style=\"text-decoration: underline;\" title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" id=\"doc_81529\" class=\"scribd_iframe_embed\" title=\"Respondents SEC Motion to Dismiss US DisRI\" src=\"https:\/\/ru.scribd.com\/embeds\/497839117\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-Mw2gbEKWYwtJVVNSq2FB\" width=\"100%\" height=\"600\" frameborder=\"0\" scrolling=\"no\" data-auto-height=\"false\" data-aspect-ratio=\"0.7729220222793488\"><\/iframe><\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) filed a motion to deny the XRP holders&#8217; petition against Ripple. The filing was submitted to the U.S. District Court for Rhode Island.<\/p>\n","protected":false},"author":1,"featured_media":38492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[112,128,26],"class_list":["post-38491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ripple","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38491"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38491\/revisions"}],"predecessor-version":[{"id":38493,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38491\/revisions\/38493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38492"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}