in his latest interview with Fox BusinessRipple CEO Brad Garlinghouse says a judge, not a jury, will ultimately decide the Ripple-SEC lawsuit. In a 2020 lawsuit, the SEC accused Ripple and its top executives of selling unregistered securities. According to observers, this case could affect other digital coins, and it is speculated that it will help define the commission’s ability to regulate crypto assets.
Expressing positive expectations in the case, Garlinghouse predicted that the case would not go to trial because he thinks the judge has enough evidence to decide without a jury.
Both the SEC and Ripple submitted motions for summary judgment last weekend, requesting that District Judge Annalisa Torres rule based on the facts provided in their respective filings. Torres now must decide whether to rule in favor of either side or send the case to a jury trial. Garlinghouse believes that the facts of the case are indisputable, so the latter may not happen.
According to FOXBusiness correspondent Eleanor Terret, who shared information from the Ripple CEO interview, “There is no dispute that Ripple sold XRP over the years and there is no dispute that Ripple’s customers facilitate cross-border payments on Ripple’s platform.” Let’s use XRP for that.”
Disagreements centered around whether XRP is an investment contract, a special class of security that is regulated by the SEC. According to Ripple, it has never entered into an investment contract with an XRP buyer.
Based on legal precedent, the SEC argues that Ripple’s sale of XRP must be registered with the SEC.
“The trials and juries are really there to determine whether there is uncertainty about the facts,” Garlinghouse said during the interview. “The facts are not in dispute here. The law is in dispute.”
Major decision awaited by Ripple
Ripple is currently awaiting a decision from District Judge Torres regarding the attorney-client battle over documents from the DPP and former SEC official William Hinman. The decision on the objection of the SEC is currently pending as the full details of the matter are being given.
James K. Fillon says that while he doesn’t know when the Hinman email dispute will be fully and finally resolved, he stands by his prediction that Judge Torres will make an expert motion and summary judgment on or before March 31, 2023. Will decide together.