Ripple and SEC urge quick verdict

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs are calling for a quick ruling on XRP’s regulatory status.

Both Ripple and the SEC have filed motions for summary judgment on the XRP issue.

"The filings filed today make it clear that the SEC is not interested in the application of the law," Ripple CEO Brad Garlinghouse said on Twitter . "She wants to transform everything in an improper bid to extend her jurisdiction well beyond the powers bestowed on her by Congress."

The process, which has been going on for almost two years, is about the regulatory status of XRP. According to the SEC, the cryptocurrency issued by Ripple is a security. As a result, in December 2020, Chris Larsen and Brad Garlinghouse were sued for the alleged sale of unregistered securities totaling $1.3 billion.

The procedure should be used as a precedent in the evaluation of other cryptocurrencies.

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