Ripple proud of its defense as final submission for summary judgment is made

Both parties have submitted their redacted answers to support their applications for summary judgment in the ongoing Ripple-SEC lawsuit. The action has reached a turning point as the summary judgment motions have been wholly briefed, and the judge’s decision is awaited.

Ripple Says It Put Up Good Fight as Both Parties File Replies to Summary Judgment

James K. Filan asserts that Judge Torres may give “one huge written opinion” on the litigation’s open issues, including summary judgment motions based on precedent.

Ripple General counsel Stuart Alderoty, who announced the record settlement in the litigation, thinks Ripple has fought valiantly for the past two years. The SEC sued Ripple and two of its officials in December 2020, claiming that the $1.3 billion sale of XRP was an unregistered securities offering.

Alderoty stated that Ripple’s final filing in its request for the court to rule in its favor would be the reply briefs. He mentions that Ripple has always “played it straight with the Court” and that the company was proud of its defense on behalf of the whole crypto sector.

Regarding its defense, attorney and crypto enthusiast Bill Morgan claims that if the Howey test’s universal application is the SEC’s weak point, Ripple “speared it good.”

As stated in its response, Ripple claims that the SEC has not shown any investment contracts regulating its offers and sales of XRP exist. Additionally, it asserts that by the standards of the Howey test, its XRP transactions were not offers and sales of contracts. It uses three justifications as the cornerstone of its case.

The SEC’s brief first states that it cannot demonstrate an “investment of money.” Second, the SEC’s brief reiterates that it is impossible to demonstrate a common enterprise. Furthermore, owners of XRP do not expect the defendant to make money from their efforts. Ripple said that the SEC’s amici do not agree with its position.

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