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Ripple Submitted 6 New Filings in Ongoing Lawsuit With SEC: Details

Tue, 06/13/2023 - 12:00
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Godfrey Benjamin
Ripple Labs has come out against SEC with new filings challenging commission's claims
Ripple Submitted 6 New Filings in Ongoing Lawsuit With SEC: Details
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Ripple Labs Inc has made more proactive moves to show it still has a strong grip in its legal brawl with the United States Securities and Exchange Commission (SEC). Today, the company made six filings, with one prominent filing voicing strong opposition to the request for summary judgment by the market regulator.

In the 89-page filing, Ripple shared insights into the many inconsistencies in the argument of the SEC, for which it wanted a summary judgment. Ripple Labs revealed that the market regulator has not to date proven its theories regarding the common enterprise that XRP holders invested in, that the XRP token itself is a security and that the company and its executives are guilty of what it is accusing them of.

Using the example of a diamond purchase, Ripple said that investment in or purchase of this precious stone does not put the investor in a common enterprise with De Beers. Ripple Labs also emphasized that buying the U.S. dollar is not necessarily a gateway into a common enterprise with the U.S. Treasury Department.

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Riding the logic of its argument, Ripple Labs wants the court to deny the SEC's request for summary judgment on the aiding and abetting claims laid on the company and its executives.

Ripple Labs positioning for a win

The merits of the arguments from both Ripple Labs and the SEC have been examined by experts, and many are projecting a win for the company.

It remains unclear how the new filings will impact the much-expected summary judgment from Judge Analisa Torres, but the expectations are uniform, especially with the market regulator bringing additional lawsuits to industry heavyweights, Binance and Coinbase exchange.

The outcome of the Ripple v. SEC lawsuit will set a precedent that will notably impact legal battles that appear to be brewing in the industry at this time.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.