XRP Lawsuit Approaching To Its End? Here’s What Ripple Counsel Says
XRP Lawsuit News: The U.S. Securities and Exchange Commission (SEC) launched lawsuit against Ripple might be coming to an end. Both parties have submitted their briefs in the court seeking judgment in their favor. They have urged District Judge Analisa Torrest not to send the case to trial in papers.
XRP Lawsuit to end soon?
Ripple CEO, Brad Garlinghouse mentioned that Stuart Alderoty is giving the SEC its toughest fight against crypto regulation. However, he called this one of the industry’s most important tests.
Stuart Alderoty, General Counsel for Ripple appreciated the efforts done by Garlinghouse. However, he confidently wrote that they are hitting the beginning of the end with the SEC lawsuit. He added that he couldn’t have asked for a better team to be part of in the XRP lawsuit.
However, the final briefs submitted by both parties seeking summary judgment bring the XRP lawsuit closer to a decision that might transform the digital asset’s definition under the US Securities law.
Ripple to change cryptos outlook?
The crucial lawsuit between SEC and Ripple is expected to put an end to the debate over regulating the crypto market. A federal judge is already dealing with the multiple motions from both parties.
As per reports, Ripple has already spent around $100 million in order to defend itself. However, they call it shielding the crypto industry from the SEC’s overregulation.
Earlier, Coingape reported that Ripple Counsel called out the SEC over BlockFi bankruptcy. BlockFi filed for chapter 11 bankruptcy protection due to extensive exposure to the collapsed FTX crypto exchange.
Stuart Alderoty blamed the SEC for all these circumstances. He mentioned the BlockFi bankruptcy filing as the commission’s “Regulation by enforcement” success story.
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