Soon the end of the tunnel – The current legal confrontation between the company Ripple Labsissuer of the token XRPand the Securities and Exchange Commission (SEC) hard since December 2020. Almost 2 years later, the financial policeman is still unable to concretely prove that XRP is a security (securities). Is it soon the end trouble for Ripple?
SEC versus Ripple: trench warfare
Does the token XRP is yes or no security ? No one has ever been able to really answer this recurring question for years. Even the Securities and Exchange Commissionwhich is however the main organization in charge of the subject in the United States.
U.S. laws on securities date 30s (1930 therefore). It is not surprising that it is difficult to succeed in qualifying (or not) the very recent crypto-assets as securities. But according to court documents recorded on September 17, 2022, a start of decision may finally be acted upon.
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Plaintiffs and defendants seem sure of their rights
Both the SEC (complainant) and Ripple (accused) have filed for summary judgment. In addition to making it possible to avoid proceeding to a full trial (which would promise to be interminable), these requests for an immediate decision indicate that the parties consider that there is now enough evidence to make a judgement.
Ripple’s CEO, Brad Garlinghouseseems convinced that the request for summary judgment made on the side of the SEC is both a admission of weakness to prove that XRP is a security, but also a overriding of its powers of jurisdiction.
“Documents filed today clearly show that the SEC is not interested in enforcement. It wants to redo everything in an impermissible effort to extend its jurisdiction far beyond the authority granted to it by Congress. »
The Securities and Exchange Commission is already unable to attack XRP (while Ripple Labs is nevertheless a company). However, some of its leaders would see themselves attacked Ethereum (ETH). Indeed, since the network went into Proof of Stake (PoS) with The Mergethe chairman of the SEC – Gary Gensler – would look good requalify ether as a security!
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