The lawsuit between the US Securities and Exchange Commission SEC and Ripple Labs seems to be coming to an end, both sides are eager to call for a summary judgment in court.
Both Sec and Ripple seem to have lost their patience as the lawsuit has dragged on for so long without any conclusion. They requested a summary judgment in the Southern District Court of New York, USA.
Summary judgments are submitted to the courts when a party involved there’s enough evidence at hand to make a ruling without the need to proceed to trial.
Ripple CEO Brad Garlinghouse in a Twitter post on September 17 said the filings made it clear that the SEC “isn’t interested in applying the law.”
The SEC sued Ripple Labs with CEOs Brad Garlinghouse and Chris Larsen in December 2020, alleging that the company raised more than $1.3 billion by selling XRP as an unregistered security.
The parties have repeatedly made different exploratory moves over the past two years, without reaching a definite conclusion as to whether Ripple violated securities laws by selling XRP. The two even agreed to extend the lawsuit until 2023, much to the dismay of the XRP investor community.
In general, the final outcome of the Ripple vs. SEC case will be decided by Judge Analisa Torres without the need to spend any more time searching for conflicting documents.
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