SEC and Ripple Want to End XRP Status Case

The SEC and Ripple Labs have just filed motions for a summary judgment in the case of possible violation of the Securities Act.

The company’s lawyers have indicated the regulator has run out of arguments in an attempt to prove that the XRP sales constitute an “investment contract.” The SEC has noted this was confirmed.

Ripple CEO Brad Garlinghouse has said:

“The commission is not interested in applying the law. In an unacceptable attempt, they want to expand their jurisdiction far beyond the powers granted to them by Congress.”

Ripple General Counsel Stuart Alderothy has noted that “after two years of litigation,” the SEC “couldn’t prove XRP met any of the Howey test items.”