Towards the end of last week, the SEC and Ripple had submitted individual motions requesting judge Analisa Torres to make a summary judgment in the ongoing lawsuit based on the facts presented in the respective briefs.
As a result, a section of people from the community believes that the lawsuit could potentially wind up earlier than expected. In fact, Ripple’s CEO is on the same page.
In a recent interview with Fox Business, the blockchain firm’s executive—and one of the defendants—Brad Garlinghouse opined that the case will likely not go to trial because the judge has enough evidence to make a ruling. He said,
“Trials and juries are really to determine if there’s uncertainty about facts. The facts aren’t in dispute here. The law is in dispute.”
He further stated that the regulatory agency was “grossly overreaching its authority,” and added,
“The SEC has kind of lost its way… It’s cuckoo for cocoa puffs.”
Community rises to Ripple’s support
In December 2020, the SEC sued Ripple and its executives Brad Garlinghouse and Chris Larsen, for not registering XRP with the commission. Resultantly, per the agency, the defendants violated federal securities laws. The price of XRP fell drastically when the lawsuit was first announced. However, the token has been rallying of late, with increased support from the community.
XRP had already broken above the $0.5 psychological mark on Friday and was trading at a level 54% higher at press time when compared to last week. To add to the positive sentiment, there have also been direct and indirect speculations going on on social media platforms that the SEC will lose the case at the end of the day.