The SEC and Ripple both filed motions for summary judgment, arguing that a judge overseeing the case over whether xrp sales violated securities laws has enough information to make a ruling without moving the case ahead to a trial. by nikhileshDe
, CEO Brad Garlinghouse and Chairman Chris Larsen in December 2020 on allegations that it had raised over $1.3 billion by selling XRP in unregistered securities transactions. Ripple maintained that XRP sales and tradingof the Howey Test, a Supreme Court case that has acted as a way to determine whether something is a security for the last several decades.
The SEC argued, among other things, that various statements by Ripple's executives demonstrate that Ripple sold XRP, and XRP investors bought the cryptocurrency with the belief that their holdings would spike in value over time. For its part, one of Ripple's arguments was that there was no contract between the company and XRP investors, and that there was no common enterprise, one of the requirements under Howey.
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