XRP Lawsuit: Ripple Files Final Submission Against SEC; Lawyer Says Fighting For Crypto Industry

Ripple, Bradley Garlinghoue and Chris Larsen (defendants) filed their redacted reply to the US SEC’s opposition to Ripple’s Motion for Summary Judgment in the XRP lawsuit. The motion mentions the recent decision in LBRY vs SEC case and asked the court to grant the defendants the Summary Judgment.

Ripple on right side of justice in XRP lawsuit?

Stuart Alderoty, General Counsel of Ripple in a tweet stated that after two long years, they are proud of the defense they have mounted in the name of the entire crypto industry.

He added that the defendants in the XRP lawsuit have played straight with the court. However, it’s difficult to say what the adversary is doing.

Brad Garlinghouse, CEO at Ripple affirmed with General Counsel. He mentioned that they are fighting to get clearer regulations for the entire industry. However, he congratulated Team Ripple for getting to this point.

He highlighted that the defendants stood strong and withstood the SEC’s onslaught. Meanwhile, he’ll look forward to being on the right side of justice in the XRP lawsuit.

Earlier, Coingape reported that the XRP lawyer has hinted Ripple is ready with a counter argument over its massive XRP holding

Will the court grant Ripple Summary Judgement?

As per Ripple’s motion, the commission’s opposition brief confirms that Ripple’s motion for Summary Judgement should be granted. The SEC is unable to show any offer or even sale of XRP much less from 2013 to 2020 as it alleges.

The commission failed to present that XRP was an offer or sale of an investment contract and why it is a security under federal securities laws.

John Deaton, Amicus Curiae in the XRP lawsuit mentioned that Ripple has defended itself against the SEC’s massive overreach. He added that Ripple has maintained to be in line with the law i.e something that the judge also mentioned.