In a recent update, Ripple has filed its redacted reply to the SEC’s opposition in court to the motion for summary judgment. The SEC continues to believe that XRP is a security and has tried to extend the case many times. But with the recent development, the closure of the case appears to be on the horizon.
Earlier, the court had allowed entities to file an amicus brief in favor of Ripple or the SEC, with the last day being November 30, 2022.
Ripple founder, Brad Gardlinghouse, congratulated the entire Ripple Team for reaching the current point.
Brad has repeatedly stated since day one when the lawsuit began that Ripple will fight aggressively and force the SEC to enact clear regulatory rules for the entire crypto space. The founder posted his response to a tweet by Ripple’s General Counsel, Stuart Alderotti. In response, he shared a tweet by James Filan, who shared access to the document file by Ripple via Dropbox.
Both the parties, Ripple & the SEC filed motions for the Summary judgement back in September. By the end of October, Ripple submitted an opposition to SEC’s motion for summary judgement, in which it stated that it cannot be proven that XRP holders expected profit from Ripple’s efforts.
However, the Ripple vs SEC lawsuit is expected to reach its climax very soon, and the decision is expected to be in favor of the company.
