There are new developments for Ripple, whose slow war with the US Securities and Exchange Commission (SEC) is expected to end soon. Ripple CEO Brad Garlinghouse drew attention with what he said at his meeting in Las Vegas. Garlinghouse thanked the XRP community for its support during the legal battle. Here are the details…
Ripple CEO thanks the community
Ripple CEO Brad Garlinghouse thanked the XRP community for its support during the legal battle with the US Securities and Exchange Commission (SEC) at the XRP Las Vegas 2023 meeting. “I cannot express my gratitude enough,” Garlinghouse said in a tweet on May 6. Thus, he expressed his gratitude for the comradeship of the community. Only members of the XRP community attended the two-day conference. In fact, the event was organized by its organizers as the “XRPArmy Conference for Life!” is called.
Great to meet so many folks from the XRP community at #XRPLasVegas2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!) This community has stood by and supported Team Ripple as we have fought the good fight…I can’t adequately express my gratitude pic.twitter.com/lb9TCURv3C
— Brad Garlinghouse (@bgarlinghouse) May 6, 2023
cryptocoin.com As we have reported, the ongoing legal battle between Ripple and the SEC has witnessed many challenges and developments between both parties. The support of the XRP community is also noticed by the leader of Ripple. Garlinghouse expects the matter to be settled in the first half of 2023 and has previously expressed confidence that Ripple will prevail.
Lawyers explaining the case
Meanwhile, pro-XRP lawyer John Deaton recently came to the fore with his statements. He believes the SEC’s case against Ripple has weakened. He pointed to “ECF 640”, which acknowledges that the acquisition of XRP is an investment of money in a joint venture. This is ECF 640, a legal document. Ahead of the summary judgment, Ripple announced that one of the SEC’s expert opinions on “reasonable expectations of XRP buyers” and another SEC expert opinion on determining the reason for XRP price changes had been removed from court records.
Ripple lashed out at the regulator for enforcing regulatory action without providing clear rules for crypto players in the US. However, Ripple relies on friendly global regulations to expand its business despite the situation in the US.
What had happened?
In December 2020, the SEC filed a lawsuit against Ripple and its two executives for allegedly offering unregistered securities. The lack of clarity on what the SEC considers to be securities has been a topic of debate for many in the industry, which many hope the Ripple lawsuit will provide much-needed clarity. Despite repeated questions, SEC Chairman Gary Gensler is unable to answer some questions. For example, Ethereum (ETH) has not yet given a definitive answer to its security status.
The XRP token is currently trading at $0.4587. It has recorded a price drop of 4.2 percent in the last seven days. It is not yet clear how the court’s decision will affect the price of the Ripple cryptocurrency. The XRP community will be watching the court decision closely in the next few days or weeks. The Ripple case affects not only XRP but other cryptocurrencies as well. For this reason, investors of other altcoins will also have their eyes on the case.
