On September 22, Ripple CEO Brad Garlinghouse in an interview with renowned media house Fox Business unveils the ongoing lawsuit Ripple vs SEC will eventually be decided by a judge, not a jury. In his recent appearance on Fox Business, Ripple’s CEO claims that the Ripple-SEC litigation might not go to trial since the honourable judges have all the required evidence to make a decision.
As per the reports, last weekend both the parties Ripple and SEC submitted petitions based on the information provided in their separate papers to District Judge Analisa Torres. After the submission the ball is in honourable judge Torres’s court now it’s up to the judge to give her verdict in one of the parties’ favour or send the matter to trial.
According to Fox Business correspondent Eleanor Terrett, in a recent interview Ripple CEO says “There is no doubt that Ripple sold XRP over the years and there is no disagreement that Ripple’s clients utilise XRP to execute cross-border payments through Ripple’s network.”
Main isssue between Ripple Vs SEC lawsuit
The primary point of contention is whether XRP belongs to the category of securities known as investment contracts, which are regulated by the SEC. Garlinghouse claims that it has never made an investment agreement with a buyer of XRP. On the other hand The SEC claims that, according to legal precedent, Ripple should have registered its sales of XRP with the SEC. Garlinghouse said in the interview that “trials and juries are essentially to evaluate if there is ambiguity about facts.” No one disputes the facts in this case. The law is in dispute.”