SEC vs. Ripple Motion for Summary Judgment Reading

Attorney Steve® Crypto Lawyer - SEC vs. Ripple

On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) filed a motion for summary judgment against Ripple Labs Inc. and two of its executives, alleging that they had raised over $1.3 billion through an unregistered securities offering. The SEC's complaint alleges that Ripple's sales of digital tokens, known as XRP, constituted an "investment contract" under U.S. securities laws, and that Ripple violated these laws by failing to register the offering with the SEC. In its motion for summary judgment, the SEC argues that there is no genuine dispute of fact that Ripple's XRP tokens are securities, and that Ripple is therefore liable for violating the securities laws. A hearing on the motion is scheduled for December, 2022.