In a recent update, Ripple has filed its redacted reply to the SEC’s opposition in court to the motion for summary judgment. The SEC continues to believe that XRP is a security and has tried to extend the case many times. But with the recent development, the closure of the case appears to be on the horizon.
Previously, the court allowed the entities to file an amicus brief in favour of either Ripple or the SEC, and the last day was November 30, 2022. Furthermore, both parties were expected to file responses to the motion, which Ripple primarily pursued.
Ripple founder, Brad Gardlinghouse, congratulated the entire Ripple Team for reaching the current point.
I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S.
Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice. https://t.co/oKhKjIdTSW
— Brad Garlinghouse (@bgarlinghouse) December 2, 2022
Brad, repeatedly said from the very first day when the lawsuit began that Ripple will fight aggressively and compel the SEC to roll out clear regulatory rules for the entire crypto space. The founder posted his response to the tweet by Stuart Alderoty, Ripple’s general counsel. In response, he shared the tweet from James Filan who shared via Dropbox with access to the document file by Ripple.
Both the parties, Ripple & the SEC filed motions for the Summary judgement back in September. By the end of October, Ripple submitted an opposition to SEC’s motion for summary judgement, in which it stated that it cannot be proven that XRP holders expected profit from Ripple’s efforts.
However, the Ripple vs SEC lawsuit is expected to reach its climax very soon, and the judgment is expected to be in favor of the company.