The legal battle between Ripple and the SEC has entered the final round, according to Ripple advisor Stuart Alderoty.
The U.S. Securities and Exchange Commission (SEC) long ago took Ripple to court for alleged illegal sales of XRP securities. There has been a legal battle between the SEC and Ripple that has been going on for nearly 2 years. Recently, new supporters joined the lawsuit and the abstracts were presented to the court. Ripple took one last step towards the lawsuit.
Ripple Submits Final Documents to the Court
According to Stuart Alderoty, Ripple’s General Counsel, the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple has come to an end.
In a post on Twitter, Alderoty announced that Ripple made its final presentation asking the court to rule in its favor in the case. Alderoty also stated that the company is proud of its defense on behalf of the entire crypto industry and has acted correctly in court.
Follow the bouncing regulator.
“Howey provides a clearly expressed test for determining what constitutes an investment contract.” SEC 4/22/21
“Hinman’s speech provided thirteen expressly non-exhaustive factors that market participants could consider.” 12/2/22
— Stuart Alderoty (@s_alderoty) December 4, 2022
In the motion, Ripple argued that the SEC’s opposition to summary judgment should be pushed aside because the securities regulator failed to provide evidence that XRP is an offer or sale of an investment contract and why it is a security under federal securities laws.
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