As a researcher with experience in the cryptocurrency industry, I believe that the one-year anniversary of Judge Torres’ Summary Judgment in the SEC v. Ripple case is an important milestone for the crypto community. The decision that XRP is not a security was a significant relief for Ripple and the entire industry, especially given the ongoing legal tussle between Ripple and the SEC.
I’ve observed recent remarks from Brad Garlinghouse, CEO of Ripple, and Stuart Alderoty, CLO of Ripple, commemorating the one-year anniversary of Judge Torres’ momentous summary judgment in the SEC versus Ripple case. This critical decision declared that XRP does not fall under the classification of a security.
SEC v Ripple Lawsuit Anniversary
In a recent post on X, formerly known as Twitter, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted the importance of Judge Torres’ ruling on July 13, 2023. This pivotal decision declared that XRP, which is related to Ripple, does not fall under the category of a security.
From my perspective as an analyst, Alderty’s decision in the Ripple vs. SEC case brought a welcomed respite to the crypto industry amidst the ongoing legal battle.
On July 13, 2023, Ripple and the industry experienced a remarkable day – a cherished memory for me as well.
With firm determination, we stood up against the bully who had been terrorizing and waging an illegal war in our industry. When I first made this stand, I was confident that we were on the right side.
— Brad Garlinghouse (@bgarlinghouse) July 12, 2024
The ruling underscores the extensive reach of the SEC under Chair Gary Gensler’s leadership, as seen in other cases such as Binance, which share similar concerns. However, Alderoty highlighted that the courts have managed to restrict the SEC’s actions. Nevertheless, he stressed that the expensive and impractical nature of seeking clarity through legal channels necessitates legislative action.
Ripple’s CEO Brad Garlinghouse Stance
The judgment handed down by Judge Torres has far-reaching implications beyond just Ripple. With the case still open and the penalties undecided, the SEC has indicated they will not contest the ruling that XRP is not classified as a security. Brad Garlinghouse, Ripple’s CEO, expressed optimism about the industry’s resilience, asserting that despite the SEC’s decision to pursue legal action against them, Ripple and crypto as a whole would emerge stronger than before.
According to Ripple’s CEO, Gerlinghouse, the SEC under Gensler’s leadership has intensified its efforts against the crypto industry in the past year. However, these actions have not yielded significant results in terms of eliminating the sector. Garlinghouse further stated that the SEC’s legal actions, verbal attacks, and threats would not be enough to eradicate the crypto industry.
On the anniversary, Garlinghouse said,
“From the beginning, I was confident that our actions were in compliance with the law and would ultimately be viewed favorably by history.”
Parties File Administrative Motions
According to Coingape, the involved parties in the Ripple class action lawsuit have submitted administrative requests to seal their documents. Judge Phyllis Hamilton has directed these parties to discuss their sealing motions following her earlier denial of redactions in their briefs. The proceedings continue with additional filings and hearings set for July.
Ripple argues that Judge Torres’ decision on summary judgment in the ‘programmatic buyers’ case should also apply to the ongoing class action lawsuit. Nevertheless, the judge should hand down a ruling on the related administrative motions promptly.
The Magistrate Judge, Robert Illman, has scheduled a settlement conference. By July 26th, parties involved are required to submit notices regarding the exclusion of testimony from four expert witnesses.
XRP Price Trend
Over the past day, XRP‘s price has experienced a significant surge, fluctuating between its highest point at $0.4774 and its lowest point at $0.4452.
At the time of reporting, XRP‘s price had climbed 6% over its intraday low, reaching $0.4748. The price increase led to a notable rise in XRP’s market capitalization and trading volume. Market capitalization grew by 6%, amounting to $26,500,863,399. Likewise, the 24-hour trading volume surged by 46% to reach $1,592,515,664.
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2024-07-13 02:30