The Securities and Exchange Commission (SEC) has filed a legal negation to Ripple lab’s motion for summary judgment of the XRP case.
In the document, the SEC wrote that the motion for ripple be denied because ripple sold unregistered XRP tokens labeled “securities” to investors.
A day earlier, Ripple also filed a document against the SEC for the disapproval of the motion of summary of judgment because the SEC has no proof to support the claim that Ripple sold unregistered XRP tokens to investors.
The SEC sued Ripple, its CEO Brad Garlinghouse, and its chairman Chris Larsen on December 2020 claiming that they sold unregistered XRP tokens to investors.
The case has been ongoing for over 2 years now and the final verdict is yet to be delivered.
A few weeks back both parties moved the motion for a ruling summary arguing that Analisa Torres, the judge, had enough information to decide on a ruling rather than proceeding for a trial in court.
The SEC has had its eye on crypto companies for a while now. In 2017, they clamped down on Munchee, a company with a food review app that aimed to create a cryptocurrency that will be used to purchase food on the app.
Recently, Kim Kardashian, a public figure, was asked to pay a $1.3 million fine for promoting a cryptocurrency through her Instagram story. She allegedly received 250,000 for the promotion. Although she tagged the post as an “AD”, The Securities and Exchange Commission said that she was supposed to disclose the amount she was paid for promoting the coin.
She has also agreed not to promote any other cryptocurrency token for 3 years.
It also seems like the Securities and Exchange Commission might be after the popular NFT project BAYC.