The crypto community is eagerly waiting for the summary judgment of the SEC Vs XRP case.
Recent filings hinted that the Judge might refuse both of the parties requests for Summary Judgment.
from the court as the US SEC vs Ripple lawsuit awaiting summary judgment.
Amicus curiae in the XRP Lawsuit hinted that the Judge might refuse both of the parties requests for Summary Judgment.
After the latest filings, John Deaton, the lawyer for XRP investors, raised the pre-1933 blue sky argument. He made it clear that this is a case for the 2nd Circuit and the Supreme Court. He believes Judge Analisa Torres will accept his argument.
Blue Sky Laws are laws in the United States that govern the offering and selling of securities in order to protect investors against fraud. This law, however, differs by state and requires sellers of fresh issues to register with the authorities.
The XRP lawyer stated that the judge could possibly investigate Ripple's XRP sales. This is possible because the commission did not go through each transaction and run it through the Howey test.
However, the SEC claims in the XRP case that Ripple established a secondary market for XRP. As per the commission claims, past and existing XRP sales are securities. While it claims that if any other country declares XRP a currency, it will be due to Ripple's efforts.
Deaton argued that the experts neglected to address the possibility that the Judge may refuse both summary judgment motions. The XRP lawsuit will now be heard by a jury as a result of this decision. It is nearly difficult to foresee the case's outcome until the Rule 56 facts are read publicly.
The SEC stated in its response to Amicus curiae's writ of Mandamus that the court will now decide whether the commission's reasoning is valid or not.
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