Ripple Files Final Submission Against The SEC

On December 2, the SEC and Ripple submitted redacted answers to each other’s applications for summary judgment.

Ripple contended in its motion paper that the SEC failed to establish that its XRP offerings between 2013 and 2020 constituted an “investment contract” and, hence, a security under federal securities laws.

Former federal prosecutor James Filan stated on Twitter that there are only three points remaining to overcome in the SEC vs. Ripple case.

This includes summary judgment motions, expert challenges, and sealing issues involving expert reports, Hinman documents, and other material relied on by the SEC and Ripple in their motions.

Filan believes that Judge Torres will not address the three major issues separately but rather jointly and that once she rules on the motions for summary judgment, one big written ruling will be issued.

The continuing legal conflict between the SEC and Ripple began in December 2020, when the SEC filed a lawsuit against the blockchain company, alleging that it generated $1.3 billion by selling the company’s native token, XRP, as unregistered securities.

The Hinman documents refer to. William Hinman‘s June 2018 speech at the Yahoo Finance All Markets Summit, in which he stated that Ether was not a security.

On December 5, Alderoty continued to blast the SEC, referring to it as a bouncing regulator and repeating two comments that he believes contradict each other.

Ripple finished the brief by saying:

“To distract from that reality, the SEC switches between different common enterprise theories from paragraph to paragraph in its brief. The Court should not endorse the SEC’s efforts to trade on ambiguity.”

The completion of the crypto litigation involving the United States Securities and Exchange Commission (SEC) and Ripple appears to be the most talked about aspect of the two-year-long dispute.

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