SEC Files for Summary Judgment in XRP Case

The lawyer from the XRP’s side, Jeremy Hogan, has taken to Twitter to make XRP enthusiasts aware of the recent proceedings in XRP vs SEC lawsuit. John E Deaton, the present lawyer for XRP, represents more than 75K XRP investors in the litigation.

The most recent statement that he has put out there is the fact that the recent motion filed by SEC for the acquiring of the case’s summary judgment isn’t likely to push through as it holds little to no ground based on the incompetence of SEC to produce any factual evidence.

SEC Fails to Provide Evidence Against Ripple Labs

SEC is unable to provide any evidence to sustain its claims against the demands of the court to provide them with suitable answers to the queries, which would lead the SEC to acquire the summary judgment for the ongoing SEC vs XRP case.

Hogan has further said that SEC would fail to meet the burden of proof over at least one of the elements of the Howey test. This holds well for the SEC neither in court nor in the world of crypto regulations; it seems that the agency is losing its grip on the case, and sooner than later, it is going to fall in the lap of XRP for good.

Anyway, for the SEC to acquire the case’s summary, it is important that the agency prove each and every element of the case with enough evidence and prove before the court that there is no genuine dispute there for the material fact as well.

According to Hogan, this is a bit hard to pull off as even if SEC becomes successful in proving every element of the case with the evidence, the agency would not be able to prove that there actually is no dispute of the material fact.

Even the lawyers at SEC have confirmed that there is potentially no chance for SEC to win the summary judgment for the case as if it is a lost cause to begin with.

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