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The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is approaching its conclusion after a two-year-long battle.<\/p>\n
On Dec. 2, the SEC and Ripple both filed redacted replies to each other\u2019s opposition to motions for summary judgment. <\/p>\n
Ripple argued in its motion document that the SEC has failed<\/a> to prove that its offering of XRP (XRP<\/a>) between 2013 and 2020 was an offer or sale of an \u201cinvestment contract\u201d and therefore a security under federal security laws.<\/p>\n Ripple concluded the document by stating that \u201cthe court should grant Defendant\u2019s Motion and should deny the SEC\u2019s Motion.\u201d<\/p>\n Stuart Alderoty, general counsel of Ripple, stated on Twitter on Dec. 3 that this is Ripple\u2019s \u201cfinal submission,\u201d asking the court to \u201cgrant\u201d judgment in its favor. <\/p>\n He also stated that Ripple is proud of the defense it has mounted on \u201cbehalf of the entire crypto industry,\u201d noting that Ripple has \u201calways played it straight with the court,\u201d taking a subtle swing at the SEC saying he \u201ccan\u2019t say the same for our adversary.\u201d<\/p>\n In another Twitter post, Alderoty continued to slam the SEC on Dec. 5 and referred to it as a \u201cbouncing regulator,\u201d quoting two statements that he suggests are at ends with each other.<\/p>\n Follow the bouncing regulator.<\/p>\n \u201cHowey provides a clearly expressed test for determining what constitutes an investment contract.\u201d SEC 4\/22\/21<\/p>\n \u201cHinman\u2019s speech provided thirteen expressly non-exhaustive factors that market participants could consider.\u201d 12\/2\/22<\/p>\n \u2014 Stuart Alderoty (@s_alderoty) December 4, 2022<\/a><\/p><\/blockquote>\n The ongoing legal dispute between SEC and Ripple<\/a> began in December 2020 when the SEC initiated legal action against Ripple, claiming it had raised $1.3 billion by offering Ripple\u2019s native cryptocurrency XRP as unregistered securities. <\/p>\n Related:<\/em><\/strong> <\/em><\/strong><\/a>Investors increasingly confident of Ripple\u2019s victory over SEC: CoinShares<\/em><\/strong><\/a><\/p>\n In an earlier Nov. 30 Twitter thread, former federal prosecutor James Filan said there are just three issues left to resolve<\/a> in the SEC vs. Ripple case. <\/p>\n This includes the summary judgment motions, expert challenges and sealing issues regarding the \u201cexpert reports,\u201d the Hinman documents and other material relied on by the SEC and Ripple in their motions. <\/p>\n The Hinman documents refer to the speech that William Hinman delivered<\/a> at the Yahoo Finance All Markets Summit in June 2018, where he stated that Ether (ETH<\/a>) was not a security. <\/p>\n Filan believes that Judge Torres won\u2019t tackle the three big issues \u201cseparately,\u201d instead she will\u201d decide on everything together, and once she rules on the motions for summary judgment, \u201cone big written ruling\u201d will be released \u2014 likely \u201con or before March 31st, 2023.\u201d<\/p>\n<\/div>\n\n