Ripple: CEO Has filed for summary Judgment in XRP Lawsuit
Ripple Labs, along with top executives Brad Garlinghouse and Chris Larsen, have requested summary judgment in the nearly two-year dispute over XRP.
The United States Securities and Exchange Commission (SEC) sued Ripple in late 2020 alleging that it issued XRP as an unregistered security.
By law, when a party requests a summary judgment, that party requests the court to resolve the case without a full trial in the belief that there are no material facts in dispute.
Stuary Alderoty, Ripple's general counsel, announced that the movement was made public and provided a brief analysis of it.
“My Opinion: After two years of litigation, the SEC was unable to determine any investment contracts (which is what the statute requires); and failed to meet any part of the Supreme Court Howey trial. Everything else is just noise.
Congress only grants SEC jurisdiction over securities. Let's go back to what the law says."
Ripple CEO Brad Garlinghouse also commented on the filing, saying that he believes the SEC has acted outside the law in an effort to expand their reach.
“Today's filing makes clear that the SEC is not interested in law enforcement. They want to redo everything in an impermissible attempt to extend their jurisdiction far beyond the authority Congress has given them.”
In this proposal, an attorney for Garlighouse and Ripple co-founder, Chris Larsen, reiterated the company's position that the SEC cannot reasonably assert that XRP is a security issued by Ripple.
“In fact, the SEC alleges that all XRP (including 20 billion XRP that Ripple has never owned) is a security issued by Ripple, specifically all XRP is an investment contract' with Ripple, and that that, the [low] value of the federal government securities law.'
By law, the SEC cannot win a case against that claim. Nor can it legally extend its jurisdiction to offers to sell or sell XRP occurring on foreign cryptocurrency exchanges, which are governed by foreign laws and beyond. territory of the securities laws of the United States. "
Sep 19, 2022