For the past couple of years, the most talked about lawsuit between the US SEC and Ripple Labs is finally close to its conclusion.
This is what the entire cryptocurrency industry is hoping for because the case has been ongoing since December 2020.
It was the US Securities and Commission Exchange that had filed the case against Ripple Labs. It claimed that the tech/crypto firm was selling XRP without authorization to the US locals.
The regulatory claimed that the XRPs are securities and Ripple needed authorization from their end before it could start selling them to the US locals.
On the other hand, Ripple stood its ground claiming that it was not secure so it needed no approval prior to the distribution of the tokens.
The case May be Nearing its conclusion
For two years, both sides have battled each other trying to prove their point and now it seems that Ripple is winning.
While the US SEC has not been able to produce any solid pieces of evidence to prove that XRP is a security, Ripple has continued proving that it won the case.
Therefore, multiple cryptocurrency firms have come up to support Ripple and even the likes of Coinbase have supported the technology firm.
Motions for Summary Judgment
Both sides have been fighting with each other but it seems that Ripple has the upper hand. The firm is confident that it has provided enough proof and evidence to confirm that XRP is not a security.
Therefore, the company is confident that it is going to win. The firm is now requesting the court to expedite the process and announce the final verdict.
On the other hand, the US SEC has filed a motion to be provided with more time to come up with answers to the questions raised by Ripple.
The latest reports from the court reveal that both sides have already submitted their redacted replies against each other.
This happened after Ripple reportedly asked the court to proceed with the motion for summary judgment. According to sources, the entire development took place on December 2.
In its comments, the legal teams at Ripple claimed that the regulatory authority had failed to prove if XRP is a security.
The US SEC did not even manage to prove whether the XRP offer was an investment contract’s sale or an offer. If it were to be either of that, it would be counted as a security under federal security laws.
The Ripple legal representatives concluded their comments by stating that the court should proceed with granting the motion requested by the defendant.
This means that if the defendant’s motion is granted, then the motion filed by the US SEC will be denied automatically.
Comments from Stuart Alderoty
The General Counsel of Ripple, Stuart Alderoty tweeted on December 3 that they expect it would be the final submission from Ripple’s end for the particular case.
If the submission is granted, then it would mean that the court has decided in favor of Ripple. Otherwise, the case may linger on for an indefinite amount of time.
Alderoty stated that they are glad at the evidence and proofs they have provided from their end in order to defend their position.
If they win the case, then it will be a win for the entire cryptocurrency industry. After their win, their company will be able to operate at its full potential and things will start moving towards the positive side.
He added that throughout the court hearings, Ripple has been straightforward. They have been fully transparent and have not tried to produce false evidence.
He did sarcastically mention that he could not say the same about their adversary. Then on a Tweet from December 5, Alderoty slammed the regulator stating that it is a bouncy one.
He meant that some of the statements the regulator has made on particular scenarios during the hearings are completely different. He suggests that the regulator did not know exactly how to deal with the case.
With the confidence that the Ripple side has, it is possible that the win may go in their favor by the end of 2022.