Is the legal battle nearing its end?

Ripple vs SEC: ¿La batalla legal se acerca a su punto final?

fluctuation (XRP) and SEC Oppose Each Other’s Proposals for Summary Judgment What Next?

Earlier, Ripple and the United States Securities and Exchange Commission (SEC) filed for summary judgment. If accepted, a judge will then decide on the case, eliminating the need to appear in court.

Ripple and SEC

But last Friday, both parties filed separate petitions to reject the other’s application for summary judgment. SEC says Ripple’s move should be dismissed due to “indisputable evidence” He said he was illegally selling unregistered securities.

federal regulator sued this is basically against the company in December 2020. Meanwhile, Ripple claimed: The SEC had no legal basis to insist that the company register XRP as a security.

Important documents are revealed

Ripple has disclosed some documents that it has requested up to six times before that. These were the SEC notes.The so-called Hinman documents.

They reportedly disclosed the SEC’s comments regarding a speech by former Corporate Finance Division director William Hinman.

In his speech, Hinman had previously ethereum as a value, your subsequent understanding based on transactions blockchain It led him to believe that “current ETH offers and sales are not securities transactions”.

Ripple requested the release of these notes, believing that the SEC demonstrated its knowledge of Hinman’s claim that Ethereum is not a security. Applying a similar principle, Ripple believes this will strengthen the argument that XRP should not be considered a security.


Despite excite Ripple experiences, one legal expert claims The opinion of a former SEC official is probably irrelevant. to dispute the final decision rests with the Supreme Court, which has consistently upheld the standard Howey test.

According to this standard a security It is basically defined as “the investment of money in a joint venture with reasonable expectation of profit from the efforts of others”.

Using this definition, the SEC chairman, Gary Gensler, most cryptocurrencies counted as securities. A notable exception bitcoinHe said it would be classified as commodity.

However, according another analysismmany owners XRP had submitted sworn statements explaining that this was not the intent behind their purchase.

According to Annex 167 in Ripple’s SEC lawsuit, those who bought XRP for investment purposes expected profits to come from market movements or other sources, not Ripple.

Resignations in the crypto world

It’s worth noting that the chief engineer behind Ripple, although not related to the case, announced his resignation.

Nik Bougalis did not specify what to do next. aforementioned I will not continue to work blockchain and crypto. These signs The latest of the leading names in the cryptocurrency world has retired from his companies.

Last week, co-founder of Ethereum and Polkadot, Gavin Wood, pointed He said he would step down as director of Parity Technologies.

In a presentation made a few days ago, the company’s founding partners GeminiCameron and Tyler Winklevoss resigned from his duties As an executive on Gemini’s board of directors Europe.

Meanwhile, the executive directors of the company exchange cryptocurrencies beast Y Celsius Network they resigned at the end of September.


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#legal #battle #nearing

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Written by Adem

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