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Ripple & SEC Call for a Summary Judgement! Is the Finale Impeding the Lawsuit?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • A settlement between Ripple and SEC is ruled out as both the parties are now seeking the summary judgement

  • Both parties request the court to set a deadline by which non-parties must ask to seal any portions of the Summary judgement materials

The Ripple vs SEC lawsuit appears to have reached its “end game,” as the ‘Plaintiff’ and the ‘Defendants’ now seek summary judgment instead of a settlement. Both parties have filed substantive briefs, which have brought the case to its zenith. After filing the replies to the motions on the summary judgment, the case is now officially laid before Judge Torres. 

In a recent video update, Attorney Jeremy Hogan who closely monitored the movements of the lawsuit lays down his predictions regarding the outcomes of the Ripple vs SEC case. 

Referring to the SEC’s reply, Hogan stated that the SEC has given the court of law a much better and coherent position that XRP was sold as a security. It has made some good use of the cases that it prosecuted successfully, like the LBRY case and requested the court to analyse all the circumstances including the defendant’s statements, the economic reality of XRP, Ripple’s financial motivations and contractual terms for XRP sales. 

In reply, Ripple has been fighting against acquisitions like never before and bought the case close to the summary Judgment. The company mentioned 4 important points in its reply which would turn pivotal while producing the judgement, The SEC has  failed to prove,

  •  All sales of XRP involved money
  • XRP was not sold as an investment
  • That there was no common enterprise
  • XRP purchasers do not rely on ripple to increase the XRP price

So now that both parties have submitted their final argument, what’s next?

After reading every pleading in the case, listening to every single hearing along with researching every single issue, Hogan fetched 4 possible outcomes of which the most likely outcome which has a 50% chance of occurrence is Ripple winning the summary judgement. 

Moreover, both parties collectively requested the court to set a deadline by which non-parties in the ongoing lawsuit must move on to seal any portion of the summary judgment. As per the letter filed, both Ripple and the SEC want Judge Torres to set a deadline of January 4, 2023, for the purpose. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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