SEC against Ripple suit to be decided by the judge

The company’s head believes that the lawsuit will not go to a jury trial

24.09.2022 - 08:55

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What’s new? In an interview with Fox Business, Brad Garlinghouse, CEO of the Ripple (XRP) payment protocol, said that a judge will ultimately decide the SEC’s lawsuit against the blockchain company. Garlinghouse predicts that the case will not go to a jury trial because, in his view, the judge has enough evidence to reach a verdict alone. In a 2020 lawsuit, the SEC accused Ripple and its top executives of selling unregistered securities.

Material by Fox Business

More details about the case. In its lawsuit, the regulator alleges that the platform’s native token XRP is an investment contract, a special type of security. But Ripple’s attorneys argue that the company has never entered into investment contracts with buyers of the digital asset.

On September 18, representatives of Ripple filed a motion for a summary judgment. On the back of this news, the XRP rate rose by 61,6% over the week.

As of September 24, the asset is trading at $0,495, down by 7,92% per day, according to crypto exchange Binance.

Ripple is a payment protocol for exchanging currencies and making transactions. It is used by government financial institutions in Australia, Canada, and Israel. The platform’s native token, XRP, ranks sixth in the ranking of cryptocurrencies by market capitalization with a figure of $24,9 billion.

Earlier, the head of the payment protocol said that the company would change jurisdictions if XRP is nevertheless recognized as a security. Garlinghouse also stressed that he believed the company would win, and the final decision on the case could come as soon as next year.

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