The most high-profile cryptocurrency legal case involving the United States Securities and Exchange Commission (SEC) and Ripple is nearing its conclusion after a two-year battle.
On December 2, the SEC and Ripple filed redacted responses to the other party’s opposition to the motions for summary judgment.
Ripple argued in its motion paper that the SEC has failed to demonstrate that its offering of XRP (XRP) between 2013 and 2020 was an offer or sale of an “investment contract” and therefore a security under federal law. americans.
Ripple concluded the document by stating that “the court should grant the defendant’s motion and deny the SEC’s motion.”
Stuart Alderoty, Ripple’s general counsel, stated on Twitter on December 3 that this is Ripple’s “final submission”, asking the court to “grant” the judgment in its favor.
He also stated that Ripple is proud of the defense it has mounted on “behalf of the entire cryptocurrency industry”, noting that Ripple has “always cooperated with the court,” taking a subtle jab at the SEC by saying it “cannot say the same for our adversary.”
In another Twitter message, Alderoty continued to lash out at the SEC on December 5 and referred to her as a “difficult regulator”, citing two statements that he suggests are at the extreme.
Follow the bouncing regulator.
“Howey provides a clearly expressed test for determining what constitutes an investment contract.” SEC 4/22/21
“Hinman’s speech provided thirteen expressly non-exhaustive factors that market participants could consider.” 2/12/22
— Stuart Alderoty (@s_alderoty) December 4, 2022
The current legal dispute between the SEC and Ripple began in December 2020 when the SEC initiated legal action against Ripple, claiming that it had raised $1.3 billion by offering the native Ripple XRP token as an unregistered security.
In an earlier Twitter thread from November 30, former U.S. Attorney James Filan said only three issues remain for solve in the case of the SEC against Ripple.
This includes motions for summary judgment, expert challenges, and sealing issues relating to “expert reports,” the Hinman documents, and other material the SEC and Ripple rely on in their motions.
The Hinman documents reference a speech William Hinman gave at the Yahoo Finance All Markets Summit in June 2018, where he stated that Ether (ETH) was not a security.
Filan believes that Judge Torres will not address the three big issues “separately” but will “decide everything together, and once she rules on the motions for summary judgment, she will announce “a large written sentence”, probably “on or before March 31, 2023.”
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