Plaintiff Says Ripple’s ‘Twisted’ Response to XRP Lawsuit Undermines US Securities Act

The plaintiff in a lawsuit accusing Ripple of selling XRP as an unregistered security says the company’s request to drop the lawsuit would undermine the Securities Act.

In September, Ripple filed a motion stating that the plaintiff, Bradley Sostack, waited too long to file his case and should have done so within three years of the initial offering of XRP, which took place in 2013.

Sostack’s legal team has now responded and says the fact that Ripple continues to sell XRP invalidates the statute of limitations.

“The statute of repose does not immunize new offerings of unregistered securities like the ones Defendants continue to conduct anew to this day.

Defendants’ twisted application of the statute of repose would undermine the Securities Act’s very purpose: “to provide investors with full disclosure of material information concerning public offerings of securities in commerce, to protect investors against fraud and, through the imposition of specified civil liabilities, to promote ethical standards of honesty and fair dealing.”

You can check out the complete filing here. Ripple now has until December 4th to respond.

After that, oral arguments are set for January 15th.

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