As reported by U.Today earlier, both sides of the lawsuit, Ripple and the SEC, filed motions for summary judgement back in September in an attempt to avoid going to a trial. At the end of October, Ripple Labs submitted an opposition to SEC’s motion for summary judgement, in which Ripple stated that the regulator cannot prove that owners of XRP tokens expected profits from Ripple’s promotional efforts.
The case of the SEC against Ripple was started in late December 2020 by SEC’s chair at the moment Jay Clayton, claiming that Ripple-affiliated token XRP was in fact an unregistered security. The legal complaint also stated that Ripple labs, Brad Garlinghouse and Chris Larsen sold XRP to institutional investors, earning nearly $2 billion on that. Clayton quit his position in the SEC on the next day and is now working in the crypto space, strange as it may sound.
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Source: Utoday_en - 🏆 295. / 63 Read more »