The SEC vs Ripple lawsuit has been ongoing for nearly two years now. Now, Ripple and the SEC have requested a summary judgment in the U.S. District Court Southern District of New York in separate motions submitted on September 17. Many expect that the lawsuit will conclude sooner than the previously expected date of March 2023. A summary judgment is submitted when one side of a prosecution believes that there is ample evidence for a ruling.
Judge Analisa Torres has been urged by both sides to rule swiftly on whether Ripple’s XRP sales were unlawful under US securities regulations. However, it might not be all that simple.
Why the SEC vs Ripple lawsuit might not end anytime soon?
So far, the lawsuit does not look good for the SEC. Ripple has had multiple small wins throughout the case. That being said, it is unlikely that the SEC would fold with a summary judgment, if it goes against them. The agency will most likely extend the lawsuit further if the summary judgment goes against its interest.
Ripple CEO, Brad Garlington, took to Twitter and shared his opinion about the SEC not applying the law. Garlington believes that the SEC is on a mission to expand its powers beyond those granted by Congress.
Furthermore, the Chamber of Digital Commerce has submitted a motion to intervene in the lawsuit. The chamber aims to give the court the impression that the digital asset, i.e. XRP, and any transactions involving the asset are two distinct entities. The crypto space will still achieve a beneficial conclusion if at least the requirement of two independent investigations is recognized, even if the court determines that XRP in this specific case qualifies as a security.
Two separate investigations could prolong the investigation even further. Nonetheless, we will have to wait and see what Judge Torres deems correct.
