On September 18 there was an update in the latest XRP news when Ripple Labs CEO, Brad Garlinghouse filed an early motion for a summary judgment to be rendered in the ongoing court battle that has persisted between the SEC and Ripple Labs since 2020. The SEC followed up with an entry of the same, an early motion for a summary judgment to be rendered in the court matter.
Typically when a summary judgment is motioned by each side of a court case it reflects that neither has any further contending opinions, arguments or matters to present in support of their legal position prior to a decision being reached and rendered by the officers of the court. Both sides have expressed confidence that all facts were presented in the case and that their argument will be sided with by the court. However, many professionals closely following the case seem to agree that the confidence displayed by Ripple and their active CEO has appeared to be exceptional.
Ripple Has Maintained Its Position Throughout Hearings
Since the beginning of the suit between the two opposing sides in 2020, Ripple has maintained that its XRP digital currency did not, and has not ever met requirements which establish it as an investment contract sold as an unregistered security through its initial coin offering as the SEC first accused, and argued in court. Members of Ripple Labs’ defense team and parties connected thereto, have demonstrated almost unshaken confidence in the positive stance of the company.
Many onlookers have billed Ripple as a sort of valiant entity battling the SEC for the greater good and cause of active and future cryptocurrency projects and blockchain-based companies. A successful outcome for Ripple could mean others would be able to operate legitimate decentralized projects without fear of being targeted by regulators who have yet to establish transparent guidelines within the crypto industry as it pertains to the purchase and sale of digital assets and how they are associated with the protocol’s function.
Confidence Demonstrated From Ripple And Executives
On the very next day following the entry for summary judgment by Ripple Labs, CEO Brad Garlinghouse hosted a visit by Caroline D. Pham, a commissioner representing the Commodity Futures Trading Commission (CFTC), to Ripple Labs. Interestingly enough, the CFTC commissioner tweeted a picture with the Ripple CEO, and included a very straightforward caption from her own Twitter account, tagging Ripple and Brad Garlinghouse, as well as referencing her “learning tour” which was enriched by her in-person visit to Ripple Labs.
As the battle between the SEC and Ripple seems to be coming to winding close since motions for summary judgments were entered, it could create the opportunity for Ripple to focus on continuing the development of their business process which has continued to flourish in territories outside of the US even as the court battle ceased US business opportunities for now. Work has seemed to be the major focus of Ripple Labs, as they have effectively grown business operations during the course of the ongoing case which has lasted for 21 plus months to date.