SEC and Ripple Applied for a Summary Judgment in the Court

by in Cryptocurrency News

SEC vs Ripple news

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.

Related: Ripple Is Among Official Partners of the World Economic Forum

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.