SEC Filed its Redacted Reply to Ripple’s Opposition to the SEC’s Motion for Summary Judgment

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The back and forth between the Securities and Exchange Commission (SEC) and Ripple has continued to play out as the SEC has filed its redacted reply to Ripple’s opposition to the SEC’s Motion for Summary Judgment. At the same time, Ripple expresses optimism that the case will soon end.

According to Ripple CEO Brad Garlinghouse, who is also a defendant in the case, the Ripple team can congratulate itself for having stood strong against the SEC’s onslaught till this point, where the case is entering its last lap.

Garlinghouse stated that Ripple, from day one, has been fighting aggressively to get clear rules for the entire crypto industry in the U.S. 

“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,” he said. 

The SEC, in its redacted reply to Ripple’s opposition to the SEC’s motion for Summary Judgment, argued that the court should rule in favour of the commission’s arguments for several reasons.

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These include that Ripple defendants offered and sold XRP as a security; Ripple’s due process defences fail as a matter of law; Ripple engaged in domestic offers and sales; and that the SEC is entitled to summary judgment against the individual defendants as they violated security laws as issuers of XRP.  

Ripple quite confident of a favourable outcome in the case

Ripple also filed its last submission on the same day as the SEC, arguing for the court to pass summary judgment in its favour as the SEC has failed to back its allegations with evidence but is only trying to bend the law in the case.

In a comment on the filing, Ripple’s general counsel Stuart Alderoty stated that the company is proud of the defence it has mounted in the case on behalf of the entire crypto industry. He added that Ripple had followed legal best practices, while the same can likely not be said of the SEC.

Garlinghouse had previously stated that the case, having gotten to the summary judgment stage, could be brought to an end in three to six months. The time frame is how long federal judges typically take to complete fact-finding and pass their verdict.