Ripple files final submission against SEC, hinting at early closure of case
The great battle between Ripple and SEC is getting closer to end as Ripple files its final submission in its case against the US regulator.
One of the most famous crypto case which involves United States Securities and Exchange Commission (SEC) and Ripple is getting closer to conclusion after two years of great battle.
On December 2, both Ripple and SEC filed redacted replies to their opposition to motions for summary judgment. As it is stated at Ripple’s motion, the SEC’s opposition brief confirmed that the defendant’s motion for the summary judgment must be granted.
“The SEC cannot show that any offer or sale of XRP–much less everyone from 2013 to 2020, as it alleges and bears the burden to demonstrate –was an offer or sale of an “investment contract and, therefore, a security (under) the federal securities law,” as Bradley Garlinghoue and Chris Larsen state.
Although Ripple seems to have a strong defense, experts following the case choose to be cautious about whether these reasons will be accepted by the court. However, Ripple lawyer James Filan says that the summary decision on the case may come sooner than expected. Filan, a former federal prosecutor, reminded that several issues that need to be decided can be made in a single decision.
Moreover, Ripple's general counsel Stuart Alderoty stated that Ripple is proud of their defense, which hints at a favourable conclusion for them.
This is our final submission where we ask the court to grant judgment in our favor. After two long years, Ripple is proud of the defense we’ve mounted on behalf of the entire crypto industry. We have always played it straight with the Court. Can’t say the same for our adversary.
— Stuart Alderoty (@s_alderoty) December 2, 2022
As Judge Torres is now expected to rule on the issues by January 9, 2023, a summary judgment in the prolonged case is likely to be coming much more quickly.
