The US Securities and Exchange Commission and Ripple Labs are in the final stages of their legal dispute over cryptocurrencies. In response to the SEC’s opposition to the request for summary judgment, Ripple Labs has finally submitted a response.
In a recent tweet, Ripple’s general counsel- Stuart Alderoty- said that the company had submitted the paperwork for the final application. He also noted that he is glad to be working in Ripple Labs’ defense because he felt the firm was working for the good of the cryptocurrency sector. Ripple Labs has further requested the SEC’s grant and the judgment in its favor in this filing, in addition to other things.
CEO Brad Garlinghouse wrote on Twitter, “I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S. Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice.”
SEC Fails to Identify Common Enterprise
According to reports, the SEC has failed to establish the existence of an investment contract in the redacted court document from December 2. The company said that the two founders of Ripple were qualified for summary judgment over their choice to trade on foreign markets. The SEC was unable to present any relevant evidence to the contrary.
Ripple wrote, “After nearly two years of pleadings, discovery, and motion practice, the SEC still cannot identify the alleged “common enterprise,” cannot explain how XRP holders can meaningfully expect profits from Ripple’sefforts, and cannot respond to the point that many XRP recipients invested no money at all.”
Ripple Labs has been able to continue this battle against the SEC, thanks to the significant support of the crypto community.
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