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XRP: Ripple and SEC seek judgment in long-running litigation

 


The American stock exchange supervisory authority SEC and the blockchain company Ripple are now both demanding that a final judgment be finally made in the long-standing legal dispute between the two parties about the legal status of the associated cryptocurrency XRP .


In separate applications , both the SEC and Ripple last Saturday requested that the responsible district court of New York come to the so-called "Summary Judgment" as soon as possible.


Summary judgments can be requested in American procedural law when at least one of the litigants involved believes that the court has sufficient evidence to make a judgment.


In the SEC vs. Ripple case, both sides have now submitted such a request to the presiding judge, Analisa Torres. So it must soon decide whether the Ripple cryptocurrency has violated the applicable American securities law. While the blockchain company believes the SEC hasn't presented clear evidence to that effect, the regulator is confident it has demonstrated it.


Ripple CEO Brad Garlinghouse commented on Twitter on Saturday. That, in his opinion, the SEC is not "interested in the applicable law being applied".


Rather, the authority would only try to extend its powers as far as possible, although it has long since exceeded the powers guaranteed by parliament.



Ripple chief attorney Stuart Alderoty reiterated that in his view, “even after two years of litigation,” the SEC is still unable to conclusively prove XRP’s status as a security.


According to this, Ripple states in its own application for summary judgment that the stock exchange supervisory authority only wants to “work towards getting the most comprehensive possible control over the transfer of assets”.


In this context, the SEC could also not prove that XRP investors have an "expectation of profit" with their investments based on Ripple's business efforts, because the purchase of the cryptocurrency would not result in a binding contract between the blockchain company and the investors.


The US Securities and Exchange Commission, on the other hand, argues that an "investment agreement" can also exist even if no explicit agreement is entered into, investors are guaranteed certain rights or obligations arise for the issuer.


Ripple replies that “this is not and should never be applicable law, because without compliance with these basic criteria the existence of an investment contract could never really be checked”.


According to Ripple, investor returns are created by “the simple interplay of supply and demand in the market,” which the crypto company believes the SEC has already confirmed.


Lawyer Jeremy Hogan sees this supposed consent as an important point, because it could be of decisive importance for the Summary Judgment.


Community breathes a sigh of relief

The motions of the two parties to the dispute have caused a sigh of relief in the XRP community, because the long-standing legal process could now finally be concluded.

The desired judgment would come almost two years after the SEC sued Ripple and the two managing directors Christian Larsen and Brad Garlinghouse in December 2020 . The subject of the lawsuit is that the company's own cryptocurrency XRP is said to represent an unauthorized sale of securities, through which investment capital of almost 1.3 billion US dollars was earned.


The possible court ruling in the proceedings could have a significant impact on the entire crypto industry, as it could provide an important indication of the criteria according to which cryptocurrencies are legally classified as securities.


Following the recent filing, XRP surged to its highest level since July, but the high of just under $0.40 was soon lost.

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