In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), CEO Brad Garlinghouse took the opportunity to thank the XRP community for its support. His remarks followed his participation in the two-day XRPLasVegas2023 conference, organized by Digital Perspective founder Bradley Kimes.
Garlinghouse emphasized the strong camaraderie among XRP community members and shared his optimistic outlook on the case's resolution. He anticipates a favorable outcome for Ripple by mid-2023.
"It was incredible to connect at #XRPLasVegas2023—the sense of community here is extraordinary (and meeting Twitter followers in person was a highlight!). This community has stood by the Ripple team as we’ve fought the good fight… My gratitude is immeasurable."
— Brad Garlinghouse (@bgarlinghouse) May 6, 2023
Key Developments in the Ripple vs SEC Case
1. SEC’s Legal Strategy Weakens
Pro-XRP attorney John Deaton noted that the SEC’s case has been undermined by recent developments, including a legal filing acknowledging XRP purchases as cash investments in joint ventures. Deaton criticized the SEC’s broad approach, which could unjustly regulate all future XRP sales—even in countries where XRP is recognized as legal tender.
2. Critical Expert Testimony Removed
Before the summary judgment, Ripple disclosed that one of the SEC’s expert testimonies regarding "reasonable expectations of XRP buyers" was struck from the court record. Ripple has consistently argued that the SEC’s enforcement actions lack clarity, especially in the absence of clear regulatory frameworks for the crypto market in the U.S.
3. Ripple’s Global Expansion Strategy
Despite regulatory challenges in the U.S., Ripple is focusing on jurisdictions with crypto-friendly policies to scale its operations. The SEC’s 2020 lawsuit alleged that Ripple and its executives offered unregistered securities via XRP.
Market Impact and XRP Price Action
While the case remains unresolved, XRP continues to trade in line with broader market trends. At press time, the token was valued at $0.459, reflecting a minor 24-hour decline of 0.3%.
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FAQs: Ripple vs SEC Case
Q1: What is the core issue in the Ripple-SEC lawsuit?
The SEC alleges that XRP constituted an unregistered security, while Ripple argues that XRP is a utility token with decentralized use cases.
Q2: How might the outcome affect the broader crypto market?
A Ripple victory could set a precedent limiting the SEC’s authority over altcoins, fostering clearer regulations for digital assets.
Q3: Why did the SEC’s expert testimony get removed?
The court found the testimony lacked relevance to determining whether XRP buyers had investment contract expectations.
Q4: What’s next for Ripple if it wins the case?
Ripple plans to expand its cross-border payment solutions in regions with supportive crypto policies.
Disclaimer: Opinions expressed here are for informational purposes only and do not constitute financial advice. Crypto investments carry risks—always conduct your own research.