Ripple proud of its defense as final submission for summary judgment is made
In the ongoing Ripple-SEC lawsuit, both parties have filed amended answers in support of their respective motions for summary judgment. Awaiting Judge Torres’ final ruling, the summary judgment motions have been completely abbreviated, so the trial has reached a historic juncture.
According to James K. Filan, Judge Torres might make “one big written ruling” on the pending issues in the lawsuit, including that of summary judgment motions based on precedents.
Ripple General Counsel, stuart eldrotiWho shared the news of the historic milestone in the lawsuit, believes that Ripple has fought the good fight over the past two years.
In December 2020, the SEC filed a lawsuit against Ripple and two of its executives, alleging that the $1.3 billion sale of XRP was an unregistered securities offering.
Alderoty noted that the reply brief would mark Ripple’s final submission in its bid to get the court to rule in its favor.
He says that Ripple was proud of the defense it put up on behalf of the entire crypto industry, mentioning that the company has always “played it straight with the Court.”
Ripple “Did It Well”: Lawyer Says
In regards to his defense, attorney and crypto enthusiast Bill Morgan says that if the Howe test general enterprise is the SEC’s Achilles’ heel, he believes Ripple “did it well.”
As stated in its reply, Ripple argues that the SEC has failed to prove the existence of any investment contracts governing its offers and sales of XRP.
Furthermore, it claims that its XRP transactions were not the offer and sale of contracts subject to the Howe test. It highlights three reasons as the basis of its argument.
First, the SEC’s brief confirms it cannot prove an “investment of money.” Second, the SEC’s brief also confirms it cannot prove a common enterprise. Then, XRP holders do not reasonably expect profits from the defendant’s efforts.
Ripple also pointed out that the SEC’s emcee does not support its case.
