In the most recent development in the ongoing dispute, the Securities And Exchange Commission (SEC) and Ripple(XRP) have each opposed the other’s requests for summary judgment.
This comes after XRP legal expert and analyst by the name of Bill tweeted that “I have now had a chance to properly consider the SEC’s reply to Ripple arguments on the need for certain ‘essential ingredients, including a contract, for there to be an ‘investment contract. The SEC goes to some lengths to mischaracterize Ripple’s attempt to construe”.
Last week on Friday, both teams filed different motions to reject the summary judgment of them both. In a statement by SEC, Ripple’s proposal should be rejected, it sold securities that were registered.
On October 24 both parties took to the public copies of their opposing briefs with redactions. On October 24, some of the exhibit’s components went on display. The parties have until November 21 to submit publicly redacted versions of their reply briefs.
Although XRP is optimistic about victory on the ongoing case with the SEC, Ripple’s general counsel, Stuart Alderoty, took to Twitter that the company is set for exclusive documentation 18 months after 6 jury orders. He also noted that they remain confidential at the SEC’s insistence.
Ripple may be, but according to one legal professional, the viewpoint of a former SEC official is probably unimportant. He contends that the Supreme Court, which has consistently upheld the Howey test standard, still has the final say.
In other reports, Ripple’s Chief Engineer has resigned after serving the digital currency company for almost 10 years. This might bring positive impacts to the company and at the same time, it might bring negative impacts within the ripple community. Bougalis explicitly said that he would not engage in any other blockchain initiatives or make investments in non-fungible coins after leaving Ripple (NFTs).