The Securities and Exchange Commission of the United States has filed a legal rebuttal to Ripple Labs Inc.'s motion for summary judgment just a day after it submitted a similar motion against the SEC.

A document filed on Friday stated that Ripple's motion should be denied because the indisputable evidence demonstrates that the defendants were involved in unauthorized offers and sales of securities to public investors.

Meanwhile, Ripple has filed a document opposing the SEC's motion for summary judgment, claiming that the securities regulator lacks a viable legal theory to support its claim that the platform was required to register XRP as a security under the Securities Act of 1933.

The SEC filed a case against Ripple and its executives in December 2020, alleging that the sale of XRP signified an unregistered offering worth more than US$1.38 billion.

SpendTheBits also sought permission on Friday to file an amicus brief with Ripple's assistance, typically forwarded by an individual or company that is not a party to a case but wishes to influence the court's decision.

Last week, Ripple's general counsel Stuart Alderoty stated that the SEC had given over internal documents enclosing comments on cryptocurrencies made by former SEC Corporation Finance Division director William Hinman, which has been a significant point of contention in the lawsuit.

What do you think the outcome of this lawsuit will be? Drop your comments by sharing this article online.

Posted 
Oct 24, 2022
 in 
Crypto News
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