The case, which began almost two years ago when the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for allegedly selling unregistered XRP “securities”, could soon come to an end. Each party has wished for a “summary judgment” or other means of dismissing the lawsuit without a lengthy trial.
Ripple defense attorney James K. Filan announced on Twitter that Ripple Labs, current CEO Brad Garlinghouse, and former CEO Christian Larsen had filed an early summary judgment motion.
The SEC also filed motions for summary judgment in the Southern District of New York, requesting that District Judge Analisa Torres rule on the arguments presented in the accompanying documents.
In December 2020, the SEC filed an action against Ripple Labs and two of its executives, Christian Larsen, co-founder and former CEO, and Bradley Garlinghouse. It claimed it raised more than $1.3 billion through an unregistered digital asset securities offering known as XRP.
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Ripple’s General Counsel, Stuart Alderoty, stated, “After two years of litigation, the SEC is unable to identify any contract for investment (that’s what the statute requires); and cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise.”
