Ripple price surge: XRP soars after CEO rips SEC – is market pricing in court win?
15:14, 23 September 2022
The CEO of Ripple Labs, the company behind Ripple (XRP), verbally attacked the US Securities and Exchange Commission (SEC) amidst its ongoing case with the crypto firm, saying it had “lost its way” and was “cuckoo for cocoa puffs”.
Brad Garlinghouse’s comments on FOX Business saw XRP experience a rise of 7.94% to $0.4801, according to CoinMarketCap. Also the run-up to the Ripple CEO’s appearance on the show resulted in a 17% increase for the cryptocurrency.
Ripple is embroiled in a lawsuite filed by the SEC in December 2020, arguing that XRP is a security and subject to regulation.
Garlinghouse said he believed people were starting to realise that “the SEC really is overreaching, and they are not following a faithful allegiance to the law”.
The CEO added that the SEC receives its power from “statutes passed by Congress; the SEC cannot just take power… The 1933 Securities Act says that you have to have an investment contract and Ripple does not have a written, oral or implicit contract.”
‘Constant disrespect to the court process’
Both Ripple Labs and the SEC filed motions for a summary judgement last week. The SEC motion was made public on Saturday 17 September, which went against the judge’s wishes, as it had been agreed to release the motions on Monday 19 September.
In response to the move, Garlinghouse said: “They jumped the gun and it’s just this constant disrespect to the court process, which we have seen time and time again.”
A summary judgement would mean the lawsuit would not go to trial and instead ask District Judge Analisa Torres would make a ruling based on the arguments filed in documents.
The Ripple CEO does not foresee a trial taking place, as it would only be necessary to determine if “there are uncertainties about facts, and the facts here are not in dispute, the law is in dispute”.
Garlinghouse concluded by saying: “We think she [the judge] has the information to make a ruling and it’s very clear the SEC is grossly overreaching their authority.”
Related topics
