End of XRP lawsuit in sight? Ripple and SEC demand ruling

Ripple (XRP) and the American Securities and Exchange Commission (SEC) have been involved in a lawsuit for about a year and a half. The SEC Says Ripple Sold Their XRP Tokens As security, or effect, without having the necessary licenses for this. Ripple of course denies this and for the time being the lawsuit continues. Both Ripple and the SEC now want the judge to make a final ruling on the matter soon.

Ripple lawsuit

In two separate motions urge both Ripple and the SEC for an expedited court ruling. This is about so-calledsummary judgment’ motions. Such motions are filed when parties to a lawsuit believe that enough evidence has been gathered to reach a conclusion. Apparently, both the SEC and Ripple believe this is now the case.

Both sides have called on Judge Analisa Torres to rule immediately on whether Ripple’s XRP sales violated US securities laws. Ripple has argued that the SEC has run out of answers to prove that the XRP sales constituted an “investment contract” while the SEC maintains its belief that it did.

Ripple CEO Brad Garlinghouse responded on Twitter that the SEC has also filed a summary judgment. According to him, this makes it clear that the SEC had no intention of enforcing the law at all, but that they were simply expanding their own jurisdiction.

Ripple attorney Stuart Alderoty said the SEC’s motion affirms that after years of litigation, they are still unable to prove Ripple violations.

Is the end of the XRP lawsuit in sight?

The Ripple community responded positively to the news that both parties had filed a motion. According to some, this means that there is light at the end of the tunnel.

If the court issues the accelerated verdict, this court ruling will have a profound impact on determining which cryptocurrencies qualify as securities under US securities laws.