{"id":146171,"date":"2021-03-06T02:05:58","date_gmt":"2021-03-05T20:35:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=146171"},"modified":"2024-01-30T03:07:24","modified_gmt":"2024-01-29T21:37:24","slug":"sec-files-motion-to-dismiss-xrp-holders-petition","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/sec-files-motion-to-dismiss-xrp-holders-petition\/","title":{"rendered":"SEC files motion to dismiss XRP holders\u2019 petition"},"content":{"rendered":"

United States Securities and Exchange Commission and former Acting Chairman Elad Roisman have filed a motion to dismiss a petition filed by XRP investors who seek to amend SEC\u2019s complaint against Ripple. Through a writ of mandamus that was submitted in early January, petitioners hoped to change SEC’s decision to exclude the part of the complaint that mentions that Ripple\u2019s native crypto is security. In addition to seeking the amendment, petitioners claimed that due to the lawsuit against Ripple, former Commissioner Jay Clayton \u201cknowingly and intentionally\u201d caused \u201cmulti-billion-dollar\u201d losses to XRP investors.\u00a0<\/span><\/p>\n

However, the SEC <\/span>filing<\/span><\/a> went on to argue against the petition filed by XRP holders, stating that it lacks subject matter jurisdiction in addition to failing to state a claim for relief to be granted:\u00a0<\/span><\/p>\n

[Petitioners] are unable to show that any officer or employee of the Commission owes them a nondiscretionary duty to provide the requested remedies.<\/span><\/p>\n

Petitioners are not bringing a claim under the Administrative Procedure Act (APA) and have not alleged that it provides a waiver of sovereign immunity here.\u00a0<\/span><\/p><\/blockquote>\n

Further, regulators stated the investors cannot prove that crypto exchanges – that earlier delisted XRP – \u201cwill reverse course, or that the value of XRP will increase, should the Commission amend its complaint.\u201d<\/span><\/p>\n

The commission claimed that their legal action against Ripple \u201cfits squarely\u201d into its statutory authority and added:<\/span><\/p>\n

Petitioners fail to state a claim under the mandamus statute because they cannot demonstrate that the Commission owes them any clearly-defined, nondiscretionary duty.<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

United States Securities and Exchange Commission and former Acting Chairman Elad Roisman have filed a motion to dismiss a petition filed by XRP investors who seek to amend SEC\u2019s complaint against Ripple. Through a writ of mandamus that was submitted in early January, petitioners hoped to change SEC’s decision to exclude the part of theContinue reading “SEC files motion to dismiss XRP holders\u2019 petition”<\/span><\/a><\/p>\n","protected":false},"author":34,"featured_media":146172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,55,20],"tags":[],"class_list":["post-146171","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-xrp-ripple-news","category-trading-view"],"acf":[],"yoast_head":"\nSEC files motion to dismiss XRP holders\u2019 petition - AMBCrypto<\/title>\n<meta name=\"description\" content=\"SEC said investors cannot prove that crypto exchanges \u201cwill reverse course," or that XRP will increase in value should it amend complaint.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/sec-files-motion-to-dismiss-xrp-holders-petition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC files motion to dismiss XRP holders\u2019 petition - 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