SEC Acting Outside Its Legal Limits; Claims Ripple General Counsel

The U.S. Securities and Exchange Commission (SEC) and RIpple defendants finally submitted their motion of Summary Judgement in the crucial XRP lawsuit. However, this also kicks off the curiosity and anticipation among the XRP community over the outcome of the case.

XRP Lawsuit Summary Judgement motions go public

Attorney James Filan informed that Brad Garlinghouse and Chris Larsen filed the motion seeking judgment as a matter of law. He added that these filed motions were not expected till Monday. However, they have been submitted earlier than expected in the XRP lawsuit. The motion is public and now anyone can analyze them.

Eleanor Terrett, Fox Business Journalist, shared the official statement of Ripple’s General Counsel, Stuart Alderoty after submitting the motions.

Ripple’s General Counsel mentioned that these fillings suggest that the commission has crossed the legal boundaries. The SEC is acting outside its legal limit.

He added that the SEC is not looking to apply the law. Instead of this, they are trying to alter the law. The commission is in the hope that it can impermissibly expand its jurisdiction keeping the XRP lawsuit result into consideration.

Ripple Counsel gives hot take over proceedings

However, Stuart Alderoty took to Twitter to present his hot take on the XRP lawsuit. He highlighted that even after two years of extensive litigation, the SEC is still unable to spot any contract for investment. It is what the statute requires.

He added that the commission hasn’t been able to satisfy a single condition of the Howey test. Alderoty asserted that everything else around the XRP lawsuit is just noise. However, US Congress only gave the SEC jurisdiction over securities.

Brad Garlinghouse, Ripple CEO stated that the latest filings in the XRP lawsuit assure that the SEC is not interested in applying the law. He reverberated that it is the commission’s impermissible effort to expand its authority.