The fight between SEC and Ripple, which has been going on for two years, is almost over. On Dec. 2, Ripple filed its final case against the US regulator.
After two years of fighting, the United States Securities and Exchange Commission (SEC) and Ripple are getting close to the end of the most talked-about cryptocurrency case.
On December 2, both the SEC and Ripple filed redacted responses to the motions for summary judgment that they opposed.
In its motion document, Ripple said that the SEC had not shown that its sale of XRP between 2013 and 2020 was an offer or sale of a “investment contract” and, therefore, a security under federal security laws.
Ripple said at the end of the document, “The court should grant the defendant’s motion and deny the SEC’s motion.”
Ripple’s General Counsel, Stuart Alderoty, said on Twitter on December 3 that this is Ripple’s “final submission” and that it wants the court to “grant” it a win.
He also said that Ripple is proud of the defense it has put up “on behalf of the entire crypto industry.” He said that Ripple has “always played it straight with the court,” taking a subtle shot at the SEC by adding, “I can’t say the same for our adversary.”
In another tweet on December 5, Alderoty continued to criticize the SEC and called it a “bouncing regulator.” He did this by quoting two statements that he says contradict each other.
The SEC and Ripple have been in a legal battle since December 2020, when the SEC sued Ripple on the grounds that it had raised $1.3 billion by selling its own cryptocurrency, XRP, as unregistered securities.
