Ripple and SEC Have Each Asked for Swift Judgment in Regulator’s Case Against Crypto Firm

Ripple and the SEC have each asked for a swift judgment in the regulator’s case against the crypto firm over its sale of $XRP tokens. Both the plaintiff and the defendant are seeking a so-called summary judgment, according to documents dated Sept. 13 that were filed on Saturday. The filings suggest that neither party wants the legal action to continue to a full trial. Previously, the SEC sued Ripple, its CEO Brad Garlinghouse and its co-founder Chris Larsen in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of $XRP tokens. Ripple denies that $XRP is a security. It is worth noting that a major point of contention has emerged over a 2018 speech by former senior SEC staffer Bill Hinman, when he explained why he didn't consider rival cryptocurrencies bitcoin and ether to be securities. Ripple has been seeking to obtain documents and communications related to the speech, while the SEC has attempted to shield them.