Ripple has filed a motion to terminate the lawsuit against the company

Ripple filed a motion to dismiss the SEC lawsuit against the company by the court, stating that XRP is not a security.

Last month, a group of investors filed
a lawsuit in court demanding that XRP tokens be recognized as a security not registered with the US Securities and Exchange Commission (SEC). In response, Ripple filed a motion to dismiss the lawsuit. In the document
it says:

“The purchase of XRP does not constitute an“ investment ”in Ripple; There is no common enterprise between buyers of Ripple and XRP; there were no promises that Ripple would help generate profits for XRP holders, and the XRP registry was decentralized. ”

The firm also said that XRP is the currency. Ripple noted that the court “should not dispute” whether securities laws apply to XRP. In the application, the company also claimed that the lawsuit was filed too late.

“According to Plaintiff’s own statements, Defendants offered XRP to the public during 2013-2015. Accordingly, the deadline for filing claims expired in 2016 and claims could not be submitted later than May 2018. Thus, the claims regarding the application of the Securities Law filed in the lawsuit are untimely and are canceled by the statute of limitations, ”the statement said.

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Another Ripple argument is that the company did not sell XRP tokens directly to plaintiffs.

“Countless other XRP holders, in addition to the Defendants (including Claimant), sell XRP on exchanges, making it impossible to make a reliable conclusion that Claimant originally acquired XRP from Defendants,” the statement said.

Recently, a user of the social network Twitter with the nickname Crypto Bitlord filed a petition on Change.org, which called on Ripple to stop “dumping” the company’s XRP tokens on the market.