- Ripple filed a redacted reply to the SEC’s opposition for summary judgment.
- It is the final submission before the ultimate pronouncement from the court.
- In 2020, SEC claimed Ripple raised over $1.3B via an unregistered digital asset offering.
The multi-year legal battle between the Ripple (XRP) blockchain and the Securities and Exchange Commission (SEC) of the United States is ending. The latest development is that Ripple has filed a final submission asking for a ruling in favor.
Defense lawyer James K. Filan posted the update on Twitter yesterday, noting that Ripple filed a redacted reply to the SEC’s opposition to its motion for summary judgment.
According to Ripples’s General Counsel, Stuart Alderoty, the latest filing marks the ultimate submission of the blockchain payments company in its legal battle with the SEC. Therefore, what remains is the final ruling from the court favoring Ripple.
Lawyer Alderoty added:
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.
In a tweet last month, defense lawyer Filan predicted that District Judge Torres would make the final pronouncement on the case on or before March 31, 2023.
In the new 65-page filing, Ripple accused the SEC of proving that Howey’s test applies to the company’s sales of XRP from 2013 to 2020.
The SEC’s position boils down to a view that any time someone buys an asset hoping to make money, and the seller’s interests partly aligned with the buyer’s, it is a security subject to registration.
Notably, the SEC filed an action against Ripple Labs Inc. in 2020, alleging that it raised over $1.3 billion through an unregistered ongoing digital asset securities offering.
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