In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple and its chief executives, Brad Garlinghouse and Chris Larsen.
According to the SEC, Ripple traded $1.3 billion in their cryptocurrency XRP as a security without notifying the commission.
Ripple and other parties have now rebutted the watchdog’s judgment with claims of bias.
Several significant court actions have occurred over the last year, with a series of back-to-back petitions filed by both sides either being granted or rejected.
In the years since the SEC sued Ripple, the financial community has been divided over the legitimacy of the regulator’s claims.