The United States Securities and Exchange Commission (SEC) has finally submitted its long-anticipated Form C in the case against Ripple, throwing more light on the aspect of the court’s ruling it wishes to contest. According to the filing issued on October 17, the commission is not challenging the security status of XRP; rather, it focuses on the token’s programmatic sales on cryptocurrency exchanges. Also, the SEC targets Ripple executives Brad Garlinghouse and Chris Larsen for allegedly aiding and abetting these sales. The agency also included Ripple’s distribution of XRP to its employees.
Despite the SEC missing the key deadline, the watchdog has raised concerns and challenged key aspects of the lawsuit. Reacting to the update, Ripple’s chief legal officer, Stuart Alderoty said that it is not a surprise that the SEC did not touch the status of XRP as it was already made clear earlier by the court. He added that Ripple will submit its Form C by next week.
