The Ripple vs SEC lawsuit is gradually moving towards its conclusion which is expected to give results soon. Recently both Ripple Labs and Security and Exchange Commission filed a motion for summary judgment.
The legal battle of Ripple vs SEC started with the financial regulator filing a lawsuit against the payment protocol firm in the year 2020. The case has seen a lot of twists and turns in its way which started with the allegation of the SEC against Ripple Labs and its executives to use XRP, which according to the agency is unregistered security.
While looking closely the whole lawsuit revolved around the issue of whether XRP is a security or not.
The SEC is a prominent regulator within the United States which looks upon the crypto space. With the evolution of the crypto market, the workload for the agency also increased proportionally. Along with several negative traits of the industry and huge losses of investors in some instances resulted in an increase in genuine demands for crypto regulations.
Many countries and authorities went on to imply different approaches to keeping crypto assets under control. Some countries like China even put an outright ban on cryptocurrencies and related operations while others are looking for similar options.
Common perception toward crypto makes the Ripple vs SEC lawsuit worth watching for authorities around the world. The case during its development became potentially a crypto industry-defining case.
Meanwhile, the crypto community is optimistic regarding Ripple Labs winning the case, given the incapability of the SEC to prove XRP is a security. Attorney James Filan after interpreting the arguments of the agency noted that the SEC reported it was not considering XRP as a security.
Fialn added that now the financial watchdog is looking toward the judgment of the case following the deployment of tokens for the secondary sales.
Source: https://www.thecoinrepublic.com/2022/09/28/ripple-vs-sec-is-sec-deviating-from-its-claim-of-xrp-being-a-security/