Ripple vs SEC: Legal Spat Draws Conclusion After 2 Years

The long-running legal spat between Ripple and the SEC and Ripple is drawing close after two years.

As the battle entered the final round, both parties involved filed their redacted replies in support of their respective motions for summary judgment on December 2nd.

Stuart Alderoty, General Counsel of Ripple, confirmed the company’s “final submission,” urging the court to grant judgment in its favor.

He also said that Ripple is proud of the defense it has mounted on behalf of the entire digital asset industry.

• According to the court document, the San Francisco-based blockchain company asserted that the United States Securities and Exchange Commission (SEC) has failed to prove the existence of any investment contracts governing the defendants’ offers and sales of XRP between the period 2013 and 2020.
• Ripple also said that both its founders are entitled to summary judgment on their decision to sell on foreign exchanges and added that the SEC could not provide any material fact to the contrary.
• Weighing in on the final submission, its CEO Brad Garlinghouse took to Twitter to congratulate the team.

“I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S. Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice.”

• Back in September, both Ripple Labs and the SEC filed motions for summary judgment, the move was an attempt to avoid going to a trial.
• At the end of October, Ripple Labs submitted opposition to the regulator’s motion for summary judgment, arguing that the latter cannot prove that owners of XRP tokens expected profits from the company’s promotional efforts.
• Garlinghouse earlier stated that Ripple is willing to settle as long as XRP’s status is clarified while indicating that he is confident about a favorable outcome in the closely watched case against the securities watchdog.