{"id":494192,"date":"2022-09-19T06:17:57","date_gmt":"2022-09-19T03:17:57","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed\/"},"modified":"2022-09-19T06:17:57","modified_gmt":"2022-09-19T03:17:57","slug":"ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed\/","title":{"rendered":"# Ripple, SEC case heads for conclusion after &#8216;summary judgment&#8217; filed"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ee3a49219c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ee3a49219c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed\/#%E2%80%9D_Ripple_SEC_case_heads_for_conclusion_after_%E2%80%98summary_judgment_filed_%E2%80%9C\" >&#8221; Ripple, SEC case heads for conclusion after &#8216;summary judgment&#8217; filed  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed\/#Community_reaction\" >Community reaction<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ripple_SEC_case_heads_for_conclusion_after_%E2%80%98summary_judgment_filed_%E2%80%9C\"><\/span>&#8221; Ripple, SEC case heads for conclusion after &#8216;summary judgment&#8217; filed  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvNGJlMjA1ZjYtNjBjYS00ZWNiLTliY2UtYWU1YzBhMjY1ZDkxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have both called for a federal judge to make an im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te ruling on whether Ripple\u2019s XRP sales violated U.S. securities laws.<\/p>\n<p>In separate motions filed on Sept. 17 by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.551082\/gov.uscourts.nysd.551082.642.0.pdf\">Ripple<\/a> and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.551082\/gov.uscourts.nysd.551082.639.0.pdf\">SEC<\/a>, both have called for a summary judgment in the U.S. District Court Southern District of New York.\u00a0<\/p>\n<p>Summary judgments are submitted to the courts when a party involved believes there\u2019s enough evidence at hand to make a ruling without the need to proceed to trial.<\/p>\n<p>Both parties have called on Judge Analisa Torres to make an immediate ruling as to whether Ripple\u2019s XRP sales violated U.S. securities laws. Ripple has argued that the SEC has run out of answers to prove XRP sales constituted an \u201cinvestment contract,&#8221; while the SEC has held strong on its beliefs that it does.\u00a0<\/p>\n<p>Ripple CEO Brad Garlinghouse in a Twitter post on Sept. 17 said the filings made it clear that the SEC \u201cisn\u2019t interested in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying the law.\u201d<\/p>\n<p>\u201cThey want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress,\u201d he said. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today&#8217;s filings make it clear the SEC isn\u2019t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ooPPle3QjI\">https:\/\/t.co\/ooPPle3QjI<\/a><\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1571281889008263168?ref_src=twsrc%5Etfw\">September 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nMeanwhile, Ripple <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel Stuart Alderoty noted that \u201cafter two years of litigation\u201d the SEC is \u201cunable to identify any contract for investment\u201d and \u201ccannot satisfy a single prong of the Supreme Court Howey test.\u201d<\/p>\n<p>In its motion for summary judgment, Ripple claimed that the SEC\u2019s case \u201cboils down to an impermissibly open-ended assertion of jurisdiction over any transfer of an asset.&#8221;<\/p>\n<p>The motion also argued that the SEC cannot establish that XRP token holders could not \u201creasonably expect profits\u201d based on Ripple\u2019s efforts as there were no contract obligations between Ripple and XRP token holders. <\/p>\n<p>On the other hand, the SEC\u2019s own motion for summary judgment argued that there can be an \u201cinvestment contract\u201d without a contract, any rights granted to the purchaser, and without any obligations to the issuer.<\/p>\n<p>But Ripple argued in its motion \u201cthat is not and should not be the law, because without these essential features there is nothing to which the Howey test can sensibly be applied.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The SEC vs. Ripple lawsuit: Everything you need to know<\/em><\/strong><\/p>\n<p>Ripple instead pointed to profits coming from \u201cmarket forces of supply and demand,\u201d something that the SEC \u201cconceded\u201d according to the Ripple motion.<\/p>\n<p>The significance of this admission was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/attorneyjeremy1\/status\/1571344390529884160\">highlighted <\/a>by U.S. Attorney Jeremy Hogan in a Sept. 17 post on Twitter, stating that \u201cthese concessions are perfect for a summary judgment.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Community_reaction\"><\/span>Community reaction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The filing of the Ripple and SEC motions brought about mostly positive sentiment from the XRP community, with one Twitter user believing \u201cthe end is near\u201d:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The end is near\u2026.Better make sure those bags are packed!!! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/XRPArmy?src=hash&amp;ref_src=twsrc%5Etfw\">#XRPArmy<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/xrpthestandard?src=hash&amp;ref_src=twsrc%5Etfw\">#xrpthestandard<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Tothemoon?src=hash&amp;ref_src=twsrc%5Etfw\">#Tothemoon<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9aUEex67V0\">https:\/\/t.co\/9aUEex67V0<\/a><\/p>\n<p>\u2014 Paul Macrae (@PaulMac_1975) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PaulMac_1975\/status\/1571349162318303232?ref_src=twsrc%5Etfw\">September 18, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The motion for summary judgment comes nearly two years after the SEC sued Ripple, former CEO Christian Larsen and current CEO Brad Garlinghouse in Dec. 2020 for allegedly raising $1.3 billion through unregistered securities sales through XRP.<\/p>\n<p>If the court executes the summary judgment, the court ruling will have a profound impact on determining which cryptocurrencies constitute a security under U.S. securities laws.<\/p>\n<p>The XRP token rose to highs not seen since July following the motion filing \u2014 reaching nearly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/xrp\">$0.40,<\/a> but has fallen slightly since then and is currently priced at $0.34, according to CoinGecko.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ripple-sec-case-heads-for-conclusion-after-summary-judgment-filed\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ripple, SEC case heads for conclusion after &#8216;summary judgment&#8217; filed &#8220; The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have both called for a federal judge to make an immediate ruling on whether Ripple\u2019s XRP sales violated U.S. securities laws. In separate motions filed on Sept. 17 by Ripple and the SEC,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":494193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvNGJlMjA1ZjYtNjBjYS00ZWNiLTliY2UtYWU1YzBhMjY1ZDkxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,75034,75557,117,70934,72287],"class_list":["post-494192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-ripple","tag-xrp","tag-business","tag-regulation","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=494192"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/494193"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=494192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=494192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=494192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}