SEC vs. Ripple - MSJ read by Attorney Steve®
Channel: Steve Vondran
Date: 2022-09-26

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Here is part 2 (RIPPLE and DEFENDANTS MSJ against RIPPLE):  https://youtu.be/0vmxDsgju7M

SEC SEEKS SUMMARY JUDGMENT AGAINST RIPPLE AND EXECUTIVES

Ripple, the company behind the XRP digital asset, is facing a lawsuit from the US Securities and Exchange Commission (SEC). The SEC alleges that Ripple has violated securities laws by selling XRP as an unregistered security. Ripple has filed a motion for summary judgment, arguing that XRP is not a security and that the SEC's complaint should be dismissed. The motion is currently pending before the court.

The SEC's lawsuit against Ripple is based on the theory that XRP is an investment contract. In order for an investment contract to exist, there must be an investment of money in a common enterprise with a reasonable expectation of profits derived from the efforts of others. The SEC contends that XRP satisfies all of these elements and that Ripple knew or should have known that XRP was a security when it sold it to investors. Ripple, however, denies these allegations and argues that XRP is not a security.

The outcome of the SEC's lawsuit against Ripple will have significant implications for the cryptocurrency industry. If the court finds that XRP is a security, it would likely mean that other digital assets such as Bitcoin and Ethereum are also securities. This would subject cryptocurrencies to greater scrutiny from regulators and could make it more difficult for them to be traded on exchanges. Conversely, if the court finds that XRP is not a security, it could pave the way for other digital assets to be treated similarly. The SEC's lawsuit against Ripple is ongoing, and it remains to be seen how it will ultimately be resolved.