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A long-running and perhaps the most popular lawsuit within the crypto space—the SEC vs Ripple lawsuit—is expected to come to an end anytime soon. Although nothing could be said until the last moment, when the decision would be out, people out there anticipated the winning of Ripple (XRP). Experts think the same as it is more likely to happen unless the federal judge hearing the case find Ripple violated any law related to federal securities.
General counsel at Ripple Labs, Stuart Alderoty said the company is quite confident about the results and even looking at the case as the beginning of the end. He said that the case had no allegations of fraud, misrepresentation, and manipulation of the market anyhow. The lawsuit has technical issues and the company thinks that the judge will soon resolve the matter according to the law.
Recently, both Ripple and SEC went on to file motions for summary judgment within the United States District Court for the Southern District of New York. This was seen as an act of avoiding continuing with a full-fledged trial.
It is noteworthy that the SEC filed a lawsuit against the payment protocol Ripple Labs in December 2022. The financial regulator alleged that the crypto asset Ripple used was unregistered security and hence the transactions worth several billion USD were treated as illegal transactions.
Moreover, the financial watchdog also blamed the company for making investors believe that XRP tokens are legitimate investments and they also said it would get the investors a significant return on their investments.
Ripple’s general counsel said Ripple did not go through the Howey test requirements that the US Supreme Court asked for. For context, the test is run to determine which asset could be treated as a security. Alderoty added that only if there is no contract found for the investment, then it leaves no reason for a case. And when there is no case, there’s no need for SEC’s authority.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
