Ripple over the weekend filed a motion seeking dismissal of the suit before trial in federal court in Manhattan. The company argued that XRP can’t be considered a security because there was no “investment contract” granting investors rights or requiring the issuer to act in their interests.
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The regulator also asked for a ruling in its favor without trial, saying a purchase of the token is an “investment in a common enterprise with other XRP holders and with Ripple” and and that investors expected to earn a profit from buying the token.
Source: Crypto Firm Ripple Labs Fights SEC by Claiming Its Investors Have No Rights – Bloomberg
