Ripple and the SEC file for summary judgments to bring their case to a close

Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) are ready to see an end to the lawsuit that began in December of 2020 as both parties filed motions asking Judge Analisa Torres to make a summary judgment on the case. U.S. District Court for the Southern District of New York on Saturday. The SEC originally filed the lawsuit against Ripple, alleging that its sale of XRP, which is the native token of Ripple Labs’ XRP Ledger, constitutes an offering of unregistered securities now worth more than $1.38 billion. Ripple’s executive chairman Chris Larsen and chief executive officer (CEO) Brad Garlinghouse were listed as codefendants on the lawsuit for allegedly aiding and abetting the moves by Ripple.