{"id":262792,"date":"2022-09-19T12:10:07","date_gmt":"2022-09-19T11:10:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=262792"},"modified":"2022-09-19T11:44:18","modified_gmt":"2022-09-19T10:44:18","slug":"ripple-sec-file-summary-judgment-as-crypto-community-watch-keenly","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-sec-file-summary-judgment-as-crypto-community-watch-keenly\/","title":{"rendered":"Ripple, SEC file summary judgment as crypto community watch keenly"},"content":{"rendered":"

The case between the U.S. SEC<\/span>\u00a0and Ripple Labs<\/span><\/a> could finally end after both parties filed for summary judgment<\/a>.<\/p>\n

According to motions filed before the U.S. District Court of the Southern District of New York, the two parties are asking the court to give a summary judgment based on the evidence and arguments already presented.<\/p>\n

Summary judgment motions are usually filed when either party does not have a contention with the facts of the case and wants to avoid a long trial.<\/p>\n

Ripple's argument<\/h2>\n

Ripple Attorney James K. Filan tweeted about the new developments saying that Ripple's current CEO, Brad Garlinghouse, and former CEO, Christian Larsen, also filed for summary judgment.<\/p>\n

The defendants have argued<\/a> that the SEC has no jurisdiction over XRP since the token was sold on overseas exchanges.<\/p>\n

Ripple also contended that the XRP is not a security under the Howey test as its transfer does not involve an investment contract.<\/p>\n

Stuart Alderoty, Ripple's general counsel, said:<\/p>\n

“The SEC is unable to identify any contract for investment (that\u2019s what the statute requires); and cannot satisfy a single prong of the Supreme Court\u2019s Howey test.”<\/p><\/blockquote>\n

Ripple CEO Garlinghouse corroborated Alderoty's view, saying the SEC was not interested in applying the law. Instead, the regulator is trying to expand its “jurisdiction far beyond the authority granted to them by Congress.”<\/p>\n

\n

Today's filings make it clear the SEC isn\u2019t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress. https:\/\/t.co\/ooPPle3QjI<\/a><\/p>\n

— Brad Garlinghouse (@bgarlinghouse) September 17, 2022<\/a><\/p><\/blockquote>\n