Key Takeaways:
- Ripple recently filed a motion in support of moving to summary judgment, this is probably the case’s final stretch.
- Defense attorney James K. Filan anticipates that the judge in the SEC v. Ripple lawsuit will issue a large written ruling shortly.
As per Stuart Alderoty, general counsel of the fintech company based in San Francisco, the court battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has reached the final stage.
David Gokhshtein, the founder of Gokhshtein Media and a former candidate for the U.S. Congress, forecasts success for Ripple and the entire cryptocurrency sector.
Both sides filed their redacted replies on December 2nd in support of their respective motions for summary judgment as the conflict entered its final phase.
Ripple’s general counsel, Stuart Alderoty, confirmed the firm’s “final submission,” pleading with the court to rule in its favour.
In its motion file, Ripple contended that the SEC had failed to show that its 2013–2020 XRP offering constituted a proposal or sale of an “investment contract,” making it a security under federal securities laws.
One of the four factors used by the Court in the SEC v. W.J.Howey Co. case to determine whether an investment agreement exists is that the purchasers of XRP tokens must have bought a “common enterprise,” according to Ripple’s legal team, who claims that the regulator did not establish this.
The complete list of requirements includes: an investment of funds in a group venture with the hope of profiting from the efforts of others.
Additionally, Ripple stated that the SEC was unable to present any relevant evidence to demonstrate the contrary and that both of its founders are obligated to summary judgment regarding their choice to sell their shares on foreign exchanges.
Alderoty continued to criticize the SEC in a subsequent tweet on December 5, referring to it as a “bouncing regulator” and citing two statements that he claimed contradict one another.
Although the American technology company has a compelling defense against the regulators’ accusations, legal experts believe it is too soon to predict whether the case will be successful.
A summary judgment in the SEC v. The Ripple case, according to defense attorney James K. Filan may occur sooner than anticipated. The case of Ripple has been in the news for a while. Also, because motions for summary judgment have received a thorough briefing, the case has progressed to the stage where the result is now expected. Judge Torres’ final decision might be delivered in “one big written piece,” according to Filan.
