- Brad Garlinghouse, CEO of Ripple, claims a “big win” in denial of a Securities and Exchange Commission motion while staying silent regarding ruling on his own motion.
- Couple of rulings were issued by NYC Judge Analisa Torres on motions filed in SEC lawsuit against XRP.
- The lawsuit made allegations against XRP as an investment commodity without Securities and Exchange Commission enlisting from 2013 to Dec 2020.
Motions Denied !!!
NYC District Judge Analisa Torres issued a couple of rulings on motions filed in SEC case against XRP.
XRP made arguments that they were not issued fair notice by agency that it would consider digital asset as a security, thus dismissing organization’s due process.
Judge Analisa Torres dismissed SEC’s motion, filed back in April, to deny this defense, and by doing so, ruled that defense is viable in this lawsuit. In other words, defense, if accepted, could be utilized to conquer this case.
NYC Judge Analisa Torres also dismissed a motion filed by Brad Garlinghouse, Ripple CEO and Christian A. Larsen, executive chairman, back in April to deny case against them for abetting and aiding alleged unlisted securities sales. By filing a motion, defendants made a claim that, even if suit allegations were true, they would not compromise an attainable case.
While Brad Garlinghouse acknowledged dismissal of SEC motion as a massive win, lawsuit is still at its pleadings phase, so there are likely to be several more maneuvers on the way.
Since decisions, XRP has moved to counter a supplemental report refuting an expert report on market performance of Ripple.
The suit made allegations that, Ripple sold its indigenous token as an investment commodity without getting registered in Securities and Exchange Commission from 2013 to 2020, when agency filed a lawsuit.
Ripple previously ade argument that XRP is a virtual asset for real-time international transactions, and is not subjected to SEC jurisdiction.
This lawsuit is remarkable because it is, so far, a rare example of a case pulled in by SEC which goes to trial, instead of being settled out of court. Result of this lawsuit, if no conclusion is gained, could establish a precedent which would affect cases against cryptocurrency organizations for foreseeable future, and may motivates more corps to challenge regulators in court.
When Is This Case Settling?
I don’t think this case is going to get its result soon. Though recently, Brad Garlinghouse and John Deaton made their respective forecasts as to when folks can expect to see a conclusion of this case.
Many are affirmative that Ripple Labs are going to win this case, and several are accumulating XRP, thinking that this asset will rise by an astounding margin, as soon as case will go into favor of XRP, however, these are just speculations of folks, and will remain uncertain until the result.
As of this writing, XRP was trading at a market value of $0.7494, down by 2.87% in previous 24 hours.
