12 April, 2024



The SEC Filed Its Response to Ripple’s Summary Judgment Motion

19 Oct, 2022

22 Nov, 2023

According to Crypto Law, a legal and regulatory news platform, the Securities and Exchange Commission filed its response to Ripple’s summary judgment motion today. 

Some critical documents were recently filed by the SEC, including the agency’s Memorandum of Law in response to Ripple’s summary judgment motion, Rule 56.1 statements, and declarations made by various professionals.

The SEC accused Ripple and its top executives of selling unregistered securities in a 2020 lawsuit. According to CryptoLaw founder John Deaton, the SEC’s actions against XRP have cost investors approximately $15 billion in losses.

Deaton stated in response to the situation that “Monday of next week, 10-24, the public will get to read limited redacted versions of the oppositions only. Unfortunately, the public will not be able to read the 56.1 statements, counter statements, exhibits deposition testimony, etc., until late December or January.”

The documents, however, were filed under seal, and the public will only have limited access to a few later this month.

Owners of XRP are becoming increasingly irate after witnessing a sharp decline in the value of their investments since the SEC started building its case against Ripple in 2018.

To complicate things worse, XRP supporters claim that the SEC has continued to use various delay tactics to prevent the lawsuit from reaching a logical conclusion.

The SEC and Ripple both filed motions for summary judgment in the Southern District of New York last month, asking District Judge Analisa Torres to rule on the arguments presented in accompanying documents. On Friday, the documents were uploaded to a federal court database.

Brad Garlinghouse said in an Oct. 15 tweet that the SEC had shown no concern for the companies or individuals that its lawsuit against the XRP token would harm. He claims that the Gary Gensler-led commission’s pursuit of a policy goal is motivated by power rather than “a faithful allegiance to the law.”

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