Plaintiff, the Securities and Exchange Commission (the “SEC”), brings this action against Defendants Ripple Labs, Inc. (“Ripple”) and two of its senior leaders.

Summary judgment is appropriate where the record shows that there is no genuine dispute as to any material fact.

The plain words of Howey make clear that “an investment contract for purposes of the Securities Act means a contract, transaction[,] or scheme.”

On March 11, 2022, the Court denied the SEC’s motion to strike Ripple’s affirmative defense.

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