In a move that echoes the approach of CEO Brad Garlinghouse, also implicated in the court action, Chris Larsen’s representatives set out four arguments for dismissal in a letter to the court.
Confirming the draft proposals were only meant to test stakeholder sentiment, the Thai securities regulator withdrew the plans following sharp public criticism in the hours after its announcement.
Gary Gensler, the Biden administration's nominee to head the U.S. Securities and Exchange Commission, has highlighted "investor protections" as priorities for the digital asset industry.
The action centers on claims that MoneyGram did not confirm the status of XRP as a security, which constitutes a breach of the rules around issuing and selling securities.
The SEC risk alert notes the digital assets that qualify as securities present unique challenges and risks which firms must consider when designing their compliance program.
The government believes such a measure would cushion amateur traders against huge losses by ensuring they trade within their means.
MoneyGram said it would no longer be using Ripple’s XRP remittance solution until the payments firm sorts out its legal issues with the U.S. securities regulator.
The firm, which operates a mobile application allowing users to trade digital currencies, sold its CSD tokens to investors, according to federal authorities.
In a letter to the judge in the case, both Ripple and the U.S. Securities and Exchange Commission said they “do not believe there is a prospect for settlement at this time.”
The Securities and Exchange Commission is set to conduct a public hearing to determine what qualifications traders need before getting into the digital currency industry.
BitAccelerate, which also goes by the name BitAccelerator, claims to be a crowdfunding platform on the blockchain offering long-term active and passive income investment plans via referrals.