Ripple Sends Another Complaint against SEC
2022.12.05 02:09
Ripple Sends Another Complaint against SEC
Budrigannews.com – After a battle that lasted for two years, the cryptocurrency lawsuit that involves Ripple and the Securities and Exchange Commission (SEC) of the United States is about to come to an end.
The SEC and Ripple responded to each other’s opposition to motions for summary judgment with redacted responses on December 2.
In its motion document, Ripple argued that the SEC has failed to demonstrate that its XRP offering between 2013 and 2020 was an offer or sale of an “investment contract,” making it a security under federal securities laws.
“The court should grant Defendant’s Motion and should deny the SEC’s Motion,” Ripple stated at the document’s conclusion.
On December 3, Ripple’s general counsel, Stuart Alderoty, stated on Twitter that this is the company’s “final submission,” requesting that the court “grant” judgment in its favor.
He also said that Ripple is proud of the defense it has put up for “the entire crypto industry.” He said that Ripple has “always played it straight with the court,” and he took a subtle swipe at the SEC by saying that he “can’t say the same for our adversary.”
Alderoty referred to the SEC as a “bouncing regulator” in a subsequent Twitter post on December 5, citing two statements that he suggests are at odds with one another.
Follow the bouncing regulator.
“Howey provides a clearly expressed test for determining what constitutes an investment contract.” SEC 4/22/21
“Hinman’s speech provided thirteen expressly non-exhaustive factors that market participants could consider.” 12/2/22
— Stuart Alderoty (@s_alderoty) December 4, 2022
The SEC initiated legal action against Ripple in December 2020, claiming that the company had raised $1.3 billion by offering Ripple’s native cryptocurrency XRP as unregistered securities. This was the beginning of the ongoing dispute between the SEC and Ripple.
James Filan, a former federal prosecutor, stated in a previous Twitter thread on November 30 that there are only three remaining issues in the SEC v. Ripple case.
This includes the SEC and Ripple’s motions for summary judgment, expert challenges, and sealing issues regarding the “expert reports,” Hinman documents, and other material.
The Hinman documents refer to William Hinman’s June 2018 speech at the Yahoo Finance All Markets Summit in which he said that Ether (ETH) was not a security.
According to Filan, Judge Torres will not “separately” address the three major issues; rather, she will “decide on everything together.” Additionally, she anticipates that “one big written ruling” will be released “on or before March 31st, 2023” following her decision on the motions for summary judgment.
