, 2022-12-07 22:00:31,
The court may soon draw the curtain on the long-standing lawsuit legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The SEC filed a lawsuit in December 2020. In the initial filing, the commission alleged that the payment company and its executives raised over $1.3 billion through unregistered securities offerings, XRP.
In its complaint, the watchdog alleged that Ripple-the defendant in the lawsuit-failed to register its offers and sales of XRP. In addition, the SEC claims that Ripples violated the registration provisions of the federal securities law.
While the matter remains before the court, the parties involved are battling to win with different filings throughout the proceedings. In the last proceeding, the SEC filed for summary judgment amid several amicus filings. The crypto community has been in anticipation of the party in whose favor the court will rule.
Latest Update On The XRP Lawsuit
In the latest proceeding, the SEC and Ripple have each submitted their final briefs to the court, requesting judgment in their favor. They implored District Judge Analisa Torres not to send the matter to trial papers.
The CEO of Ripple, Brad Garlinghouse, said their General Counsel, Stuart Alderoty, is putting up a “tough” fight against the SEC. He also addressed the case as one of the most critical tests for the crypto industry.
Meanwhile, Alderoty commended the efforts of the Ripple CEO. In a tweet, he was confident they are approaching the…
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