Brad Garlinghouse, the CEO of Ripple, and Stuart Alderoty, the CLO of Ripple, have recently commented on the one-year anniversary of Judge Torres’ Summary Judgment in the SEC v. Ripple case. This decision marked a pivotal moment in the decision that XRP is not a security.

SEC v Ripple Lawsuit Anniversary

In a post on X (previously Twitter), Ripple’s Chief Legal Officer, Stuart Alderoty, discussed the importance of the Summary Judgment by Judge Torres on 13 July 2023. This significant decision determined that XRP, a cryptocurrency-related to Ripple, is not a security.

As per Alderoty, this decision was significant in the ongoing legal tussle between Ripple and the SEC and brought much-needed relief to the crypto industry.

July 13, 2023 – that day was a very good day – for Ripple and the entire industry. And for me personally, a core memory!

We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry.  As I said when it started, I knew we were on the… https://t.co/m4W1eRsIf7

— Brad Garlinghouse (@bgarlinghouse) July 12, 2024

The decision also pointed to the overreach of the SEC under the leadership of Chair Gary Gensler, with other cases, including the recent one involving Binance, citing similar concerns. However, Alderoty pointed out that the courts have been able to curtail the actions of the SEC but noted that the achievement of clarity through the courts is costly and unfeasible in the long-run and calls for legislation.

Ripple’s CEO Brad Garlinghouse Stance

The consequences of Judge Torres’ decision go beyond Ripple. Since the case is not yet closed, and the remedies have not been determined yet, the decision that XRP is not a security will not be challenged by the SEC as they have stated. Garlinghouse also stressed the ability of Ripple and the crypto industry to bounce back, emphasizing that they would be stronger than ever in spite of the SEC’s decision to prosecute.

As pointed out by the CEO of Ripple, in the last year, the SEC under Gensler has beefed up its activities against the crypto industry but has not achieved much success. Garlinghouse added that the SEC’s approach, legal actions, words, and threats have not and will not eliminate the industry.

On the anniversary, Garlinghouse said,

“As I said when it started, I knew that we were on the right side of the law and would be on the right side of history.”

Parties File Administrative Motions

Similarly, according to Coingape, the parties of the Ripple class action lawsuit have filed administrative motions to file under seal. Judge Phyllis Hamilton ordered the parties to address their sealing motions after having previously rejected attempts to redact parts of the parties’ briefs. This process continues with further filings and hearings scheduled to take place in July.

Ripple has pointed out that Judge Torres’ summary judgment in the case of ‘programmatic buyers’ should extend to the present class action suit. The court should, however, rule on these administrative motions separately soon. 

Furthermore, the settlement conference has been set before Magistrate Judge Robert Illman with the notice on the exclusion of four experts’ testimony due by July 26.

XRP Price Trend

In the last 24 hours, XRP price has been in a bullish rally, with the price swaying between an intra-day high and low of $0.4774 and $0.4452, respectively.

The XRP price was up 6% from the intra-day at press time, trading at $0.4748. During the rally, XRP’s market capitalization and 24-hour trading volume surged by 6% and 46%, respectively, to $26,500,863,399 and $1,592,515,664.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.