Ripple Confident Over Win Against SEC- XRP Surges

James Filan, Ripple’s defense attorney publicized the motion by Ripple requesting a summary judgment.
The Securities and Exchange Commission (SEC) has also called for an immediate ruling on the case.

Ripple CEO Brad Garlinghouse and founder Chris Larsen have filed a motion for summary judgment. According to Ripple’s attorney James Filan, the motions were not expected to be filled before Monday, September 19. The curtain could soon fall on the case that has captured the attention of the crypto world for the last two years, and well, it’s been long enough.

In December 2020, the SEC sued Ripple alleging that the firm sold unregistered securities since its native token XRP qualified as a security, an allegation that Ripple has consistently denied. The lawsuit has been going on for nearly 15 months and Ripple expects it to end this year.

A summary judgment is a request made by a party asking the court to decide all or part of a lawsuit without going to trial because there is no dispute about the key facts of the case. The summary judgment actually means that both parties are asking the court to decide which part has provided enough proof and bring an end to the long outstanding case.

Prior to this, an anonymous third party was named in the SEC and XRP lawsuit requesting limited redaction to one of the file attachments by the Securities and Exchange Commission. Redactions are typically made for privilege or confidentiality.

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple Labs, Brad Garlinghouse and Chris Larsen file Motion for Summary Judgment seeking judgment as a matter of law.https://t.co/1BG1MgQu7p

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 17, 2022

For as long as the case has been, both parties have filed several motions and the court hasn’t really litigated the underlying issue. The filling of motion has stirred up chatter in the crypto community on different social platforms.

Judge Annalisa Torres was supposed to make a final ruling considering the arguments filled in the documents. The documents were posted to a federal court database on Friday.

Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress

Brad Garlinghouse tweeted

Attorney Jeremy Hogan aired his opinion about the XRP lawsuit, stating that the SEC has a couple of “big problems” which according to him point to victory for Ripple. He said that the SEC has failed to deliver hard proof that any XRP purchaser had heard Ripple’s marketing pitch. After extensive litigation, the SEC is still not able to spot any contract for investment, he claimed.

Stuart Alderoty, the General Counsel at Ripple has stated that the SEC hasn’t been able to satisfy any condition of the Howey test. He further said that SEC is not looking to apply the law but to alter the law. “The SEC is acting outside its legal limit,” he says.

Brad Garlinghouese stated that the latest fillings in the Ripple lawsuit make it clear that the SEC is not interested in applying the law.