The lawsuit, which started in December 2020 when the SEC dragged Ripple and its two executives to court, claiming that the $1.3 billion of the native cryptocurrency of the exchange, XRP, was not registered, is finally approaching its end.
Both parties have filed their replies to the summary judgment, and the court’s final ruling is awaited. According to Stuart Alderoty, who is the general counsel of Ripple Labs, the crypto firm is really proud of how far it has come and how firmly rooted it believes in its stance over the last two years.
Ripple-Sec’s Two-Year Long Suit Finally Approaching Its End
With the summary judgement having been given, both parties to the case have filed their respective replies to the judgement while waiting for the court’s final judgement.
In a tweet made by the general counsel of Ripple Labs, Stuart Alderoty, it is apparent that the crypto firm is extremely proud of itself for embarking on the legal tussle journey. According to him, they have always been straightforward in their dealings with the court, something he can’t say is the same for SEC.
The Ripple-Sec legal law suit started as what Ripple considered a fight for the whole crypto industry at large. The management of Ripple over the years has continually tagged the actions of the SEC as bordering on arbitrariness.
In its filed reply, Ripple argued that throughout the course of the suit, the SEC has failed to point out a legal investment agreement that oversees the sales of XRP. In addition to this, the firm also claimed that the Howey test does not apply to the XRP transactions because they were not offers under it.
A Deciding Factor In The Crypto Industry
It is no doubt that whatever the outcome of the legal tussle turns out to be, it will be a big deciding factor in the crypto industry.
Should the judgement be made in favour of Ripples, the crypto firm will most likely thrive with the success of the case, and the price of its native coin, XRP, might rise. Also, Ripple would have successfully clipped the wings of the SEC, which it claimed was already moving arbitrarily.
However, should the case be different and the SEC win, it most likely means the end for XRP, and the firm will have to devise a new business model.
The fact remains that regardless of who comes out on top, the crypto industry will never be the same.
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