A two-year battle between the SEC and Ripple is coming to an end, with Ripple filing its final case against the US regulator on December 2.
The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is nearing its conclusion after a two-year battle.
On December 2, the SEC and Ripple filed updated responses to each other’s opposition to the summary judgment motions.
Ripple argued in its motion document that the SEC failed to prove its XRP offering
Between 2013 and 2020 was the offer or sale of an “investment contract” and therefore a security under the federal securities laws.
Ripple concluded the brief by stating that “the court must grant defendant’s motion and deny the SEC’s motion.”
Ripple’s general counsel Stuart Alderotti said on Twitter on Dec. 3 that Ripple’s “final submission” was to “allow” the court to rule in its favor.
He also stated that he was proud of the defense that Ripple put up “on behalf of the entire crypto industry,” taking a subtle swipe at the SEC saying that Ripple has “always played it straight in court” and “you can.” Say the same to our opponent.”
In another post on Twitter, Alderotti continued to criticize the SEC on Dec. 5, calling it a “bouncing regulator” and citing two statements he suggested were mutually exclusive.
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The current legal dispute between the SEC and Ripple began in December 2020 when the SEC filed legal action against Ripple, accusing it of raising $1.3 billion by offering Ripple’s underlying cryptocurrency, XRP, as unregistered securities.
Related: SEC: Investors More Confident in Ripple’s Success Against CoinShares
In an earlier Twitter thread on Nov. 30, former federal prosecutor James Filan said there were only three issues left to resolve in the SEC v. Ripple case.
These include summary judgment motions, expert challenges, “expert reports,” sealing issues regarding Hinman documents, SEC and other materials that Ripple relies on in their motions.
The Hinman documents refer to William Hinman’s speech at the Yahoo Finance All Markets Summit in June 2018, where he stated that Ether.
It wasn’t safe.
Filan believes Judge Torres won’t address the three main issues “separately,” but instead will decide them all together, and once she rules on the summary judgment motions, “a big written ruling” will be released — probably “on or before March 31, 2023.”