The ongoing case between Ripple and the SEC is one of the most popular cases in the blockchain space. Nonetheless, the two-year-long case is nearing its end as Ripple has just filed its last submission against the US regulatory authority. On Friday, the SEC and the crypto project filed their replies to each other’s arguments. In its filing, Ripple argued that the SEC was unable to prove that they offered XRP as an investment contract offer between 2013 and 2020.
Therefore, it does not make XRP a security under federal security laws. Moreover, the firm said in its submission that the court should deny the SEC’s motion and it should grant Defendant’s motion. After the submission, the General Counsel of Ripple, Stuart Alderoty, said that their final submission asks the court to grant a decision in Ripple’s favor.
Ripple Remains Confident – How Will XRP Respond to the Court’s Verdict?
The statements made by Ripple officials after the final indicate that they are confident in their defense of the case. Moreover, Alderoty also took a dig at the SEC by quoting it as a bouncing regulator. This case is one of the most historic cases in the crypto space. Therefore, Ripple feels that it has fulfilled its responsibility on behalf of the overall industry.
Follow the bouncing regulator.
“Howey provides a clearly expressed test for determining what constitutes an investment contract.” SEC 4/22/21
“Hinman’s speech provided thirteen expressly non-exhaustive factors that market participants could consider.” 12/2/22
— Stuart Alderoty (@s_alderoty) December 4, 2022
The case began in December 2020, as the SEC took legal action against Ripple. The authority claimed that the crypto platform raised around $1.3 billion by offering XRP as unregistered securities. However, the case went on and on in the following months, and it is now nearing its end after almost two years of constant tussle. The case also had a constant impact on the price of XRP, one of the most prominent crypto tokens.
After the release of Hinman’s documents, the SEC suffered from a major setback in the case. However, it is yet to be seen if it was enough to make up the mind of Judge Torres. The ruling is expected to be released around the end of March next year. As much as the decision is significant for Ripple, it will also be a decisive factor for XRP and its future prospects. The coin might achieve significant gains if the decision is in Ripple’s favor. It could also lead to more investor interest in the token in the longer run.
