After a two-year battle, the most talked-about cryptocurrency lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is nearing its conclusion.
On December 2, the SEC and Ripple filed censored replies to each other's motions for summary judgment. Ripple argued in its motion document that the SEC failed to prove that its XRP offerings between 2013 and 2020 constituted an investment contract and, thus, security under federal securities laws.
Ripple indicated the document by saying, "the court should grant the Defendant's Motion and deny the SEC's Motion."
On December 3, Ripple's General Counsel, Stuart Alderoty, stated on Twitter that this is the company's final submission, asking the court to grant judgment in its favor.
He also mentioned that Ripple is proud of the protection it has mounted on behalf of the entire crypto industry, noting that the platform has always played it straight with the court before taking a subtle jab at the SEC and saying he can't say the same for our adversary.
On December 5, Alderoty continued slamming the SEC, referring to it as a bouncing regulator and quoting two statements that contradict each other.
The ongoing legal dispute between the SEC and Ripple began in December 2020. The SEC filed a lawsuit against Ripple, alleging that it raised $1.3 billion by selling Ripple's native cryptocurrency XRP as unauthorized securities.
Former federal prosecutor James Filan stated on Twitter on November 30 that there are only three main issues left to resolve in the SEC vs. Ripple case. This includes summary judgment motions, expert challenges, and sealing issues involving expert reports, Hinman documents, and other material depended on by both parties in their motions.
The Hinman documents refer to William Hinman's June 2018 speech at the Yahoo Finance All Markets Summit, in which he stated that Ether (ETH) was not a security.
Filan believes that Judge Torres will not address the three major issues separately but rather jointly. Once she rules on the motions for summary judgment, one big written ruling will be issued, most likely on or before March 31st, 2023.
What do you think of Ripple's case against the SEC? Who do you think will win the battle? Let us know your comments by sharing this article on social media.