U.S. Securities and Exchange Commission or as it is known as the SEC and Ripple defendants finally submitted their “Summary Judgment” motion in the XRP case. However, at this same time, the XRP community began to wonder more about the outcome of the case and await the outcome.
XRP Case Summary Resolutions Go Public
Koinfinans.com As we have reported, Attorney James Filan; He explained that Brad Garlinghouse and Chris Larsen are filing a lawsuit to get the verdict as a matter of law. He added that these applications were not expected until Monday. However, Ripple caseThey were presented earlier than expected. The motions made are publicly available and can now be viewed by anyone.
Fox Business Journalist Eleanor Terrett shared the official statement of Ripple’s General Counsel Stuart Alderoty after presenting the motions.
Ripple’s General Counsel stated that the motions showed that the commission exceeded the legal limits.
The counsel added that the SEC does not intend to enforce the law; instead, he claimed they were trying to change the law. The Commission hopes it can unacceptably expand its jurisdiction considering the outcome of the XRP lawsuit.
Stuart Alderoty quickly commented on the developments regarding the XRP case. He stressed that even after two years of extensive litigation, the SEC still has not found any investment contracts. The statute requires it.
He added that the commission failed to meet a single condition of the Howey test. Alderoty claimed that everything around the XRP lawsuit was just noise. However, the U.S. Congress only authorized the SEC over securities.
Ripple CEO Brad Garlinghouse stated that the recent filings in the XRP lawsuit ensure that the SEC is not interested in enforcing the law. It echoed that the commission’s disallowed effort to expand its mandate.
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