SEC Decides To Take No Position Over New Entry In Ripple Lawsuit

The Chamber of Digital Commerce recently submitted a motion to file an Amicus Curiae brief in US SEC vs Ripple Lawsuit. However, the regulator has filed a response in the court regarding the motion.

Timeline of Xrp

Ripple Labs and the US Securities And Exchange Commission (SEC) have both filed motions for a summary judgment. Both parties have argued that the judge overseeing the case has enough information to make a ruling instead of letting the case move to a potentially lengthy trial.

It seems now that XRP fell short on capitalizing on hopes that Ripple will finally earn a victory on its long-running legal dispute with the U.S. Securities and Exchange Commission as it swayed between profits and losses on September 19. It can be recalled that the SEC and Ripple Labs, the company behind XRP, agreed to expedite the lawsuit that aimed to determine whether or not the cryptocurrency could be considered a security.

Cryptocurrencies are gaining traction in prominence with each passing day. The yearn to learn the forecasts of digital assets has been soaring to greater heights. One crypto-asset which has been under due consideration of marketers since the start of the year is XRP. Which comes following the constructive developments in lawsuit with the blocksec.

Prominent XRP-supporting attorney John Deaton says that Ripple Labs' general counsel has reason to be confident as the company moves to end its lawsuit with the U.S. Securities and Exchange Commission (SEC). The SEC sued Ripple Labs in late 2020 under allegations that the payments firm issued XRP as an unregistered security.

The US SEC vs Ripple lawsuit finally headed to a long time awaited conclusion after the parties filed their motion for Summary Judgment. However, filed documents suggest that the XRP ecosystem might come at risk by the end of this process.

Ripple Labs, along with its top executives Brad Garlinghouse and Chris Larsen, has filed for summary judgment in the nearly two-year-long dispute over XRP. The U.S. Securities and Exchange Commission (SEC) sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.

The case between the United States SEC and Ripple Labs could finally end after both parties filed for summary judgment. The post Ripple, SEC file summary judgment as crypto community watch keenly appeared first on CryptoSlate.

The parent company of XRP, Ripple, and federal regulator SEC has urged a federal judge to rule on the protracted legal tussle involving both parties. In the statement, both entities believe they need a judge to rule if the payments platform is guilty of violating the law in the United States.

The federal judge, Judge Analisa Torres, has been asked to make an immediate ruling in the Ripple and U.S. Securities and Exchange Commission (SEC) on whether the sales of XRP have violated the country's securities law or not.

Both the Securities and Exchange Commission (SEC) and Ripple Labs have asked a federal judge to rule quickly on whether Ripple's XRP sales violated US securities laws. Ripple and the SEC filed separate motions for summary judgment in the United States District Court for the Southern District of New York on September 17.