Proposed precautionary measure made public
According to Ripple’s attorney, Stuart Alderoty, “the day has finally come” as Ripple SEC’s motion for summary judgment was made public. The motions were actually scheduled for Monday, September 19, but came a day earlier. Alderoty says the following:
After two years of litigation, the SEC is unable to identify an investment contract and cannot pass Howey’s test points. Congress has only given the SEC jurisdiction over the securities. Let’s go back to what the law says and stop the lawsuit
The briefings provoked mixed reactions from the community. Attorney Jeremy Hogan noted: “I just read the briefing and the SEC has some big problems. The expert agrees that most of the changes in XRP’s price are due to market forces (not Ripple). “
He added, “Furthermore, the SEC was unable to prove that an XRP buyer heard Ripple’s alleged marketing pitch.”
Upcoming dates
Ripple has nearly a month to oppose this series of moves. The opposition is expected to respond by 18 October. The answers to this should arrive on November 15th, by which time all briefings will have been completed. Then the judge will announce his final decision.
James K. Filan expects Judge Torres to rule on the expert motions and summary judgment simultaneously by March 31, 2023.
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