Amid the ongoing SEC vs Ripple case, both parties applied for a summary judgment to get a ruling whether XRP is a security and whether Ripple violated the law by selling coins.
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Filings were submitted in the U.S. District Court Southern District of New York. These types of applications are filed when there are no other facts to be introduced. This means that a party presented the judge with all the necessary statements and information and there's nothing to add.
A summary judgment is a decision based on evidence without going into trial.
In Ripple's case, the tech company says the SEC has no evidence to prove that XRP sales constituted an “investment contract.” On the other hand, the agency believes that they did.
According to Ripple general counsel Stuart Alderoty, after two years of legal actions, the SEC is unable to identify any contract for investment. Ripple CEO Brad Garlinghouse added that the filings reveal that the SEC isn't interested in applying the law.
Today's filings make it clear the SEC isn’t 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. https://t.co/ooPPle3QjI
— Brad Garlinghouse (@bgarlinghouse) September 17, 2022