Crypto

Summary Judgment in Ripple vs. SEC Case Could Boost XRP Price?

Summary Judgment in Ripple vs. SEC Case Could Boost XRP Price?

The legal battle between the American blockchain company Ripple to the Securities and Exchange Commission (SEC) is experiencing a new twist as the two entities both appear to have filed a motion for a speedy judgment, arguing that the judge Analisa Torres overseeing the case has enough information to make a decision without advancing the case to trial

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According to court documents filed Sept. 13 and obtained by news site Theblock.co, both sides are currently seeking so-called summary judgment, indicating that neither plaintiff nor defendant want the legal action. turns into a full trial. Because of this, Ripple’s legal issues could be resolved relatively quickly, which could drive up the price of its native token.

The US regulator’s case against the company centers on the accusation that its token, Ripple (XRP), is an unregistered security. For its part, Ripple denies the SEC accusations and claims that its native token is not a security. The regulator has also made efforts to extend these accusations to company executives in order to obtain the personal financial records of Ripple’s CEO, Brad Garlinghouseand its Executive Chairman, Chris Larsen.

The SEC objected to a judge’s order requiring the agency to release drafts of a 2018 speech by William Hinmanthe former director of the Division of Corporate Finance of the SEC, in which he believed that Bitcoin (BTC) and Ethereum (ETH) are not securities, and therefore are not subject to the supervision of the regulator. In January 2022, Ripple obtained permission to access a highly disputed document containing quotes from the former agency official.

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Last August, Ripple scored another point against the SEC: a judge granted defendants’ motion to authenticate videos of seven public remarks made by SEC officials, while ignoring the SEC’s claim that the defendants were attempting to reopen the fact-finding process.

XRP is currently trading at $0.345, down 9.71% over a 24-hour period, according to data from Coinmarketcap.com.

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