Prominent XRP-supporting attorney John Deaton says that Ripple Labs’ general counsel has reason to be confident as the company moves to end its lawsuit with the U.S. Securities and Exchange Commission (SEC).
The SEC sued Ripple Labs in late 2020 under allegations that the payments firm issued XRP as an unregistered security.
Ripple Labs recently filed for a summary judgment on the suit, which is when an entity asks the court to dispose of the case without a full trial taking place.
Ripple’s general counsel Stuart Alderoty said,
“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