BREAKING NEWS: Ripple Files Public Motion For Summary Judgement

BREAKING: Ripple Labs, Brad Garlinghouse and Chris Larsen file Motion for Summary Judgment seeking judgment as a matter of law. Ripple goes even a step further by concluding, “The Court should grant summary judgement in favor of Defendants (Ripple)”. This news has come out only an hour before at the time of writing this article.

“FYI. These motions were not expected until Monday and so they were filed early.”

The motion mainly includes many facts about Ripple and its relation to XRP. Citing that XRP is not used like an investment contract and gives examples of Brad Garlinghouse and Christian Larsen using XRP as a means of donation to charity, as well as the early developers of the XRP Ledger.

The final page of the motion is what seemed to interest the XRP community the most, as Ripple essentially asks the judge to favor the defendants. Which sounds like Ripple is absolutely sick of the nonsense that is constantly being pushed by the overreaching Securities and Exchange Commission.

Both Brad Garlinghouse, and Stuart Alderoty had some hot takes about the SEC nonsense shortly after the motion for summary judgement was filed that we found.

“Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.”– Ripple CEO Brad Garlinghouse.

“My hot take – after two years of litigation, the SEC is unable to identify any contract for investment (that’s what the statute requires); and cannot satisfy a single prong of the Supreme Court’s Howey test. Everything else is just noise.” – Stuart Alderoty, General Counsel at Ripple.