The SEC asked the court to reject Ripple’s motion for summary judgment in its XRP lawsuit with Ripple.
The U.S. Securities and Exchange Commission (SEC) has filed a legal appeal against Ripple Labs Inc.’s summary judgment request, following Ripple’s similar move against the SEC.
SEC Objected To Ripple’s Request
The SEC stated in a document it published recently that Ripple’s request should be rejected. The SEC used the following statements in its document:
“Indisputable evidence shows that defendants made unregistered offers and sales of securities to public investors.”
In addition, Ripple filed a document against the SEC’s request for summary judgment, stating that it does not have a valid legal theory to support the securities officer’s claim that Ripple was required 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 that the sale of XRP created over $1.38 billion in unregistered securities. On the day of the SEC’s court request, cryptocurrency wallet provider SpendTheBits requested permission to share an amicus briefing with the court in order to support Ripple but not be a party to the lawsuit and not affect the court’s decision.
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