SEC asks court to deny Ripple motion for summary judgment

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The U.S. Secu­ri­ties and Exchange Com­mis­sion (SEC) has filed a legal rebut­tal to Rip­ple Labs Inc.’s motion for sum­ma­ry judg­ment, a day after Rip­ple took a sim­i­lar move against the SEC.

See relat­ed arti­cle: Rip­ple lawyer says ‘worth the fight’ as SEC hands over Hin­man files in court case

Fast facts

  • The SEC wrote in a doc­u­ment filed on Fri­day that Ripple’s motion should be denied “because the undis­put­ed evi­dence shows that defen­dants engaged in unreg­is­tered offers and sales of secu­ri­ties to pub­lic investors.”
  • Mean­while, Rip­ple has also filed a doc­u­ment against the SEC’s motion for sum­ma­ry judg­ment, say­ing the secu­ri­ties watch­dog has no viable legal the­o­ry to sup­port its claim that Rip­ple had to reg­is­ter XRP as a secu­ri­ty under the Secu­ri­ties Act of 1933.
  • In Decem­ber 2020, the SEC filed a law­suit against Rip­ple and its exec­u­tives, alleg­ing the sale of XRP con­sti­tut­ed an offer­ing of unreg­is­tered secu­ri­ties worth over US$1.38 billion.
  • On Fri­day, cryp­to wal­let provider SpendTheBits request­ed per­mis­sion to file an ami­cus brief — typ­i­cal­ly sub­mit­ted by an indi­vid­ual or orga­ni­za­tion that is not a par­ty to a case but intend­ed to influ­ence the court’s deci­sion — in sup­port of Ripple.
  • Also last week, Ripple’s gen­er­al coun­sel Stu­art Alderoty said the SEC has hand­ed over inter­nal doc­u­ments to Rip­ple con­tain­ing com­ments by for­mer SEC Cor­po­ra­tion Finance Divi­sion direc­tor William Hin­man on cryp­tocur­ren­cies, which  has been a major point of argu­ment in the lawsuit.

See relat­ed arti­cle: What is XRP and what is Ripple?

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