Since Ripple and the Securities and Exchange Commission (SEC) have been at odds for the past two years, analysts believe the resolution of this conflict will mark an important turning point for the development of cryptocurrencies.
On December 2, Alderoty filed his opposition to the SEC and Ripple's motions for summary judgment, describing to the SEC as a "bouncing regulator" and citing two remarks that were in conflict with one another.
Over the past 20 months, several media outlets have reported about the court case in which the Securities and Exchange Commission (SEC) and Ripple have been tied up. Experts have predicted that the results of this dispute will be a significant step in the future of crypto.
Recent developments have also revealed several reputable companies supporting Ripple in this duel. Blockchain Association, a crypto advocacy group, based in the United States, took the lead. More supporters, like Coinbase, I-Remit, the Chamber of Digital Commerce, the Crypto Council for Innovation, Valhil Capital, Spend The Bits, Tapjets, and ICAN joined this train of supporters.
In light of all these factors, recent reports have shown that this two-year-long court case might just be nearing its end. The objections to requests for summary judgment from the SEC and Ripple were submitted on December 2 in different redacted answers.
In its motion paper, Ripple contended that the SEC had failed to establish that its 2013–2020 XRP offering constituted an "investment contract" and, as such, a security as defined by federal securities laws.
As a statement of conclusion, Ripple wrote, "The court should grant the defendant's motion and deny the SEC's motion."
On December 3, Ripple's general counsel, Stuart Alderoty, tweeted that this was the company's last submission requesting the judge grant judgment in its favor.
He added that Ripple is proud of the defense it has mounted on behalf of the crypto industry, noting that Ripple has always played it straight with the court. He subtly criticized the SEC by saying he couldn't say the same for their adversary. Ripple has been accused of engaging in illegal activities related to cryptocurrency.
Alderoty continued to criticize the SEC in a subsequent tweet on December 5, referring to it as a "bouncing regulator" and citing two statements that contradicted one another.
James Filan, a former federal prosecutor, stated there are only three points left to be resolved in the SEC vs. Ripple case in a previous tweet from November 30.
The "expert reports," the Hinman records, and other information that the SEC and Ripple depended on in their motions are all covered by the summary judgment motions, expert objections, and sealing disputes.
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The William Hinman documents refer to his June 2018 address at the Yahoo Finance All Markets Summit, where he claimed that Ether (ETH) was not a security.
In Filan's opinion, Judge Torres won't rule on the three significant issues individually, but collectively. He said after deciding on the requests for summary judgment, one monumental written ruling will be made public, most likely on or before March 31, 2023.
Judging by all you've read here, who do you see winning the court case between the SEC and Ripple? Kindly share your thoughts with us in the comments section.
