The CEO of Ripple claims the SEC is “grossly” overstepping its bounds.
The SEC and Ripple filed separate motions toward the end of last week asking judge Analisa Torres to provide a summary judgment in the continuing dispute based on the details provided in the corresponding filings.
A portion of the community feels that the litigation may thus conclude earlier than anticipated. In actuality, the CEO of Ripple is in agreement.
In a recent interview with Fox Business, the executive of the blockchain company and one of the defendants, Brad Garlinghouse, expressed his opinion that the case is most likely not going to trial since the judge has sufficient information to provide a decision. He stated:
“The essential purpose of trials and juries is to identify if there is factual ambiguity. No one disputes the facts in this case. There is a legal controversy.
The regulatory body was “grossly overreaching its powers,” he said, and he added,
“The SEC seems to have lost its way… It’s a cocoa puffs cuckoo.
Community rallies to support Ripple
The SEC sued Ripple and its executives Brad Garlinghouse and Chris Larsen in December 2020 for failing to register XRP with the agency. As a result, the government claims that the defendants broke federal securities laws. When the case was initially revealed, the value of XRP plummeted sharply. The coin has, nevertheless, been strengthening recently thanks to a rise in community support.
In the SEC litigation, I’m noticing a lot more support for Ripple from individuals who were previously silent or detractors.
They are now beginning to understand that the lawsuit against Ripple was an assault on the whole cryptocurrency sector. You don’t need to own XRP to support Ripple’s victory.
At the time of publication, XRP was trading at a level 54% higher than last week and had already surpassed the psychological $0.5 threshold. Indirect and direct rumors about the SEC losing the case have been circulating on social media sites, which has added to the general good attitude.