Cryptocurrency company Ripple Labs Inc. attempted to dismiss an SEC lawsuit by arguing that its XRP token isn’t security covered by the Securities and Exchange Commission’s jurisdiction. Over the weekend, Ripple filed a motion in federal court in Manhattan asking for the case to be dismissed prior to trial. As there was no “investment contract” giving investors rights or compelling the issuer to act in their best interests, the business claimed that XRP couldn’t be classified as a security. The SEC charged Ripple and its senior executives with deceiving XRP investors in a 2020 lawsuit by neglecting to register the digital asset as security and by failing to provide proper disclosure.