After a two-year legal battle, the most well-known crypto case involving Ripple and the US Securities and Exchange Commission (SEC) is nearing its conclusion.
The SEC and Ripple each submitted a redacted reply to the other’s opposition to a motion for summary judgment on December 2.
In its motion document, Ripple argued that the SEC had failed to establish that its 2013–2020 XRP offering constituted an offer or sale of an “investment contract,” making it a security under federal securities laws.
On December 3, Ripple’s general counsel, Stuart Alderoty, tweeted that this was the company’s “final submission” asking the judge to “grant” judgment in its favor.
He added that Ripple is proud of the defense it has mounted on behalf of the entire crypto industry, noting that Ripple has always played it straight with the court. But subtly criticizing the SEC by saying he can’t say the same for our adversary.
Ripple has been accused of engaging in illegal activities related to cryptocurrency.
Alderoty continued to criticize the SEC in a subsequent tweet on December 5, referring to it as a “bouncing regulator” and quoting two statements that he claimed contradicted one another.
When the SEC filed a lawsuit against Ripple in December 2020, alleging that the company had raised $1.3 billion by selling its native crypto XRP as unregistered securities, the legal dispute between the two parties got underway.
James Filan, a former federal prosecutor, stated there are only three issues left to be resolved in the SEC vs. Ripple case in a previous tweet from November 30.
The “expert reports,” the Hinman documents, and other information that the SEC and Ripple relied on in their motions are all covered by the summary judgment motions, expert challenges, and sealing disputes.