SEC receives final objections from Ripple
Ripple representatives filed their final objections to the XRP status case with the U.S. District Court for the Southern District of New York last week.
The document states that the defendant’s motion should be granted by the court, while the SEC’s motion should be denied.
It’s worth noting, according to Stewart Alderoti, the company’s general counsel, that the regulator has been pursuing conflicting claims and trying to “get off the hook. Earlier, he said that even in a two-year legal battle, the SEC has never been able to provide proof that XRP meets any point of the Howey test.
As lawyer James Philan explained, there is one more issue left to be resolved in the lawsuit. It is about the sealing of so-called expert reports – the papers of the regulator’s former director of corporate finance, William Hinman, and other materials that the SEC and Ripple pointed out in the motions. In addition, the task of recusal of experts must also be resolved.
According to counsel, all of these counts could be decided by a judge by March 31, 2023, after which “one big document” would be provided.
As a reminder, in September of this year, the parties filed motions for summary judgment on a possible violation of the Securities Act. Explanations from the plaintiff and defendant indicated that the judge had sufficient information to do so.
And on September 23, Ripple CEO Brad Garlinghouse decided to exclude the case from going to a jury trial.