XRP Lawsuit: SEC Holds No Answers For Ripple’s Argument, Claims Counsel

Stuart Alderoty, General Counsel for Ripple hinted the defendants are approaching the end of the SEC lawsuit. Both parties have urged the US District Judge Analisa Torress to give a ruling in their favor in the motions for summary judgment. However, Ripple’s General Counsel made a big claim against the commission in the XRP lawsuit.

Does Ripple have an edge in XRP lawsuit?

Ripple Lawyer debunked the narrative built against Ripple’s legal positions in the XRP lawsuit. Alderoty stated that the major reason the SEC and detractors attempt to recast Ripple’s argument as they hold no opposition or answers for them.

He stated that their actual arguments mention that there is no contract of investment between Ripple and any XRP holders. While the SEC is unable to satisfy a single prong of the Howey test. He added that the defendants concede not a single prong.

Ripple’s General Counsel highlighted that the SEC’s reliance on garden-variety ICO cases will not be applicable here.

Ripple not depending on a conclusion based on XRP?

He further added that the briefs depict that Ripple does not depend on a conclusion that XRP was purchased for use. However, a conclusion built by amici briefs and non-speculative evidence would easily defeat the commission’s claims.

However, the final verdict in the Ripple Vs SEC lawsuit is expected to transform the definition of Digital assets under the US Securities law.

Coingape reported that over 4 Billion XRP tokens were moved from the Bittrex crypto exchange to an unknown wallet amid a pending ruling in the XRP lawsuit. As per the data, these tokens’ cumulative worth is being calculated as around $1.5 billion.