With the issuing of a Summary Judgment, the long Ripple vs SEC case which had various twists and turns is moving toward the final phase. According to reports, defense lawyers for Ripple and the US SEC have begun submitting sealed responses to plaintiffs’ objections to their requests for summary judgment. However, the fact that Ripple benefited from owning a significant quantity of XRP will continue to be a hot topic in the lawsuit.
According to reports, less than 50 billion XRP coins are in Ripple’s possession. It was also mentioned that the company only runs four of the 130 validator nodes on the XRP Ledger (XRPL).
John Deaton, an Amicus Curiae and the attorney for the XRP holders in the matter, made it clear that Ripple is prepared to defend itself in court. According to him, the defendants are aware that the judge would probably bring up this issue. Ripple will bring up the De Beers Diamond Company to their defense.They said that the diamond industry owns 30% of the market for diamonds.
Will LBRY’s negative ruling have an impact on Ripple?
Attorney James K. Filan’s most recent reports indicate that the court has approved LBRY’s request for a briefing schedule regarding the commission’s requested remedies. In the document submitted, LBRY claimed that during a status conference on Nov. 21, it gave the SEC a settlement proposal on Nov. 25.
On Nov. 29, following the submission of the settlement proposal, the parties met to discuss the terms, but they were unable to come to an agreement regarding the remedies requested by the regulator.
The SEC sued LBRY at the beginning of 2021 over the illegal sale of LBC tokens. Since then, the case has received a lot of attention since it raises the frequently disputed question of whether cryptocurrencies are securities or not.