Both Ripple Labs and the US Securities and Exchange Commission have demanded “summary judgment” motions claiming that the judge handling the case has enough information to make a conclusion.
On Friday, the SEC and Ripple Labs both filed motions for a hasty conclusion of their case in the Southern District of New York with both parties asking the District Judge Analisa Torres to make a ruling based on the facts available in the accompanying documents.
In December, 2020, just a day before the former SEC chair Jay Clayton stepped down from the role, the US SEC filed a suit against Ripple Labs alleging that Ripple Labs has generated more than $1.3 billion over the sales of unregistered securities (XRP).
Ripple in response to the suit claimed that the firm’s native token did not meet the tenet of the Howey Test, a tool used by the SEC to determine whether a coin can be classified as a security or not.
Over the past two years, both parties have filed several discovery motions; the recent motion filed by both parties seeks that the court should decide whether it has had enough information to make a conclusion from the existing facts provided and make a ruling.
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Ripple Executives, Other Enthusiasts Reacted to SEC Summary Judgement Demand
Ripple executives and others who are enthusiastic about the suit expressed their concerns about the SEC summary judgment filing on their social media handles.
The CEO of Ripple Labs, Brad Garlinghouse took to Twitter on Sunday to blast the SEC, which according to him, SEC is not willing to apply the law in the suit, he furthered that “they want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.”
Stuart Alderoty, Ripple General Counsel, also reacted to the SEC motion.
“[The SEC] cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise,” he said in a tweet.
Also, attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm said the “SEC has got a big problem” after reading the SEC’s motion for summary judgment.
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