Parties Start Filing Replies to Oppositions to Motions for Summary Judgment

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Alex Dovb­nya

The case is inch­ing close to a res­o­lu­tion, with both par­ties fil­ing their replies to the oppo­si­tions to the motions for sum­ma­ry judge­ment under seal 

Rip­ple and the U.S. Secu­ri­ties and Exchange Com­mis­sion have start­ed fil­ing their replies to the oppo­si­tions to the motions for sum­ma­ry judg­ment under seal. 

As explained by James K. Filan, a for­mer fed­er­al pros­e­cu­tor who tracks the case, the redact­ed ver­sions of the replies became avail­able on Dec. 5. How­ev­er, they might arrive a bit soon­er, Filan says. 

Rip­ple and the SEC will meet and con­fer regard­ing redac­tions before mak­ing the most recent fil­ings public. 

The redact­ed replies are also expect­ed to include respons­es to a slew of ami­cus briefs that have been sub­mit­ted by the sup­port­ers of both Rip­ple and the SEC. 

Rip­ple and the SEC filed their motion for sum­ma­ry judg­ment in Sep­tem­ber in order to avoid going to a trial.

On Oct. 20, the defen­dants filed their oppo­si­tion to the plaintiff’s motion for sum­ma­ry judg­ment. Rip­ple argued that the SEC couldn’t prove that XRP own­ers expect­ed prof­its from the company’s pro­mo­tion­al efforts. 

The reg­u­la­to­ry agency, how­ev­er, insists that “undis­put­ed evi­dence” shows that the defen­dants con­duct­ed unreg­is­tered offers and sales of securities. 

As report­ed by U.Today, Rip­ple CEO Brad Gar­ling­houe has pre­dict­ed that the SEC law­suit would be resolved in the first half of 2023. 

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