Ripple’s two years legal battle with the U.S. Securities and Exchange Commission (SEC) is drawing to a close. The crypto company has filed a response to the commission’s opposition to its motion for summary judgment.
Ripple’s general counsel, Stuart Alderoty, tweeted that the firm’s response was its final submission. He said the firm asked the Court to grant judgment in its favor in the filing. Alderoty said the crypto company was proud of the defense it mounted on behalf of the crypto industry.
The crypto payment company CEO, Brad Garlinghouse, echoed Alderoty’s view, saying, “Ripple stood strong and withstood the SEC’s onslaught.”
Ripple’s Argument
The redacted December 2 court filing argued that the SEC failed to prove the existence of an investment contract.
The firm said both Ripple founders were entitled to summary judgment on their decision to sell on foreign exchanges. According to the firm, the SEC could not provide any material fact to the contrary.
Ripple wrote:
“After nearly two years of pleadings, discovery, and motion practice, the SEC still cannot identify the alleged “common enterprise,”cannot explain how XRP holders can meaningfully expect profits from Ripple’sefforts, and cannot respond to the point that many XRP recipients invested no money at all.”
Ripple Enjoyed Enormous Community Support
With the two-year case ending, Ripple enjoyed massive support from the crypto community during the legal battle.
Around a dozen amicus curiae briefs was filed by crypto companies like Coinbase and others. Apart from that, about 70,000 XRP holders also filed a brief in defense of the company.
Also, Ripple scored minor victories like winning access to the SEC’s former Director William Hinman’s emails.
Meanwhile, several analysts have argued that the outcome of this case will impact the broader crypto industry.
How XRP Price Fared
Immediately after the SEC began its lawsuit against Ripple, several crypto exchanges halted XRP trading and delisted it. The crypto asset was among the top 4 digital assets by market cap at the time.
According to CoinMarketCap data, XRP’s market cap dropped to a low of $9.98 billion following the litigation. But the asset rebounded during the 2021 bull run, touching as high as $83.42 billion in April 2021.
XRP’s price also briefly traded above $1 during the lawsuit, peaking at around $1.80. However, the current bear market conditions have sent the asset’s price to $0.39 as of press time.
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