Ripple's legal battle with the US Securities and Exchange Commission (SEC) has entered the summary judgment phase after both parties submitted their respective motions.
Both Ripple and SEC filed motions for summary judgment in the Southern District of New York, asking District Judge Analisa Torres to make a ruling based on the arguments filed in accompanying documents.
In December 2020, the SEC sued Ripple Labs, alleging that the crypto firm had raised over $1.3 billion by selling XRP in unregistered securities transactions. But Ripple maintained that XRP sales and trading did not meet the Howey Test, a test created by the Supreme Court to determine whether a transaction qualifies as a security.
On Friday, September 16, the parties filed various discovery motions over the last two years without settling whether Ripple violated securities law by selling XRP.
The motions for summary judgment imply that the parties are asking the court to decide whether the SEC or Ripple has provided...
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