.Ripple and SECGov have filed motions for summary judgement
Ripple sold $2.1 billion worth of XRP while individual defendants, Larsen and Garlinghouse, sold $600 million into the public market they actually created.
The defendants claim that the SEC cannot establish that the holders of XRP tokens “reasonably expected profits” based on the company’s efforts since there are no contractual obligations. Moreover, Ripple argues that profits obtained by token owners resulted from “market forces of supply and demand.” XRP holders do not have any right to demand or receive a share of Ripple’s profits, a fact that the defendants' claim is “fatal” to the SEC’s assertions. The defendants add that there is no direct correlation between the company’s profitability and the price of the XRP token. Hence, they assert that the XRP cryptocurrency doesn’t have the “essential ingredients” of an investment contract.
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