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

Sat, 12/03/2022 - 10:54
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Tomiwabold Olajide
Ripple proud of its defense as final submission for summary judgment is made
Ripple Says It Put Up Good Fight as Both Parties File Replies to Summary Judgment
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In the ongoing Ripple-SEC lawsuit, both parties have filed their redacted replies in support of their respective motions for summary judgment. The lawsuit has reached a watershed moment as the summary judgment motions are fully briefed, with Judge Torres' final ruling now awaited.

According to James K. Filan, Judge Torres might make "one big written ruling" on the pending issues in the lawsuit, including that of summary judgment motions based on precedents.

Ripple General counsel, Stuart Alderoty, who shared the news of the historic landmark reached in the lawsuit, believes Ripple has put up a good fight over the last two years.

In December 2020, the SEC filed a lawsuit against Ripple and two of its executives, alleging that the $1.3 billion sale of XRP was an unregistered securities offering.

Alderoty mentioned that the reply briefs would mark Ripple's final submission in its bid for the court to grant judgment in its favor.

He says that Ripple was proud of the defense it put up on behalf of the entire crypto industry, mentioning that the company has always "played it straight with the Court."

Ripple "speared it good": Lawyer says

As regards its defense, lawyer and crypto enthusiast Bill Morgan says that if the common enterprise of the Howey test is an Achilles' heel for the SEC, he believes that Ripple "speared it good."

As stated in its reply, Ripple argues that the SEC has failed to prove the existence of any investment contracts governing its offers and sales of XRP.

Also, it claims that its XRP transactions were not offers and sales of contracts under the Howey test. It highlights three reasons as the basis for its argument.

First, the SEC's brief confirms it cannot prove an "investment of money." Second, the SEC's brief also confirms it cannot prove a common enterprise. Then, XRP holders do not reasonably expect profits from the defendant's efforts.

Ripple also noted that the SEC's amici do not support its case.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.