On December 2, Ripple filed final objections to the SEC’s SEC motion for summary judgment in the XRP-status case before the Southern District of New York.
“The court should grant the defendant’s motion and deny the SEC’s motion”, the document states.
Ripple’s chief legal officer Stuart Alderoty described the regulator as “slippery,” quoting two statements by the agency that, in his view, contradict one another.
Follow the bouncing regulator.
“Howey provides a clearly expressed test for determining what constitutes an investment contract.” SEC 4/22/21
“Hinman’s speech provided thirteen expressly non-exhaustive factors that market participants could consider.” 12/2/22
— Stuart Alderoty (@s_alderoty) December 4, 2022
Earlier, Alderoty noted that, after two years of litigation, the SEC had not been able to prove XRP’s compliance with any prong of the Howey test.
Attorney James Filan explained that one issue remains unresolved in the proceedings. Specifically, sealing the so-called expert reports, the documents of former SEC corporate finance director William Hinman and other materials cited by the SEC and Ripple in their motions. He added that a ruling is also required on the disqualification of experts.
#XRPCommunity #SECGov v. #Ripple #XRP
I have some thoughts on timing regarding the Hinman documents, the summary judgment motions and the outstanding sealing issues. Rather than typing out a long thread, I’ve written them in the attached document. pic.twitter.com/Q5sPTCiFL6— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) December 1, 2022
An analyst predicted that by March 31, 2023, or earlier, the judge would issue a ruling on all points at once and produce one large document.
Earlier this year, the parties filed motions for a summary judgment on the possible securities-law violation in the expedited procedure. The plaintiff and the defendant said the judge had sufficient information for a ruling.
On September 23, Ripple chief Brad Garlinghouse ruled out sending the case to be heard by a jury.
Later, the court allowed the SEC to edit documents for Hinman’s remarks about Ethereum’s status.
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