XRP price jumps by 30% amid new details about the case with the SEC

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A business SEC against Ripple will not be submitted to the jury, since Judge Analisa Torres has sufficient evidence to reach a verdict. This was stated by the CEO of the blockchain company Brad Garlinghouse on the air. Fox Business.

Garlinghouse explained that a jury hears a case when the parties disagree about certain facts. In the case of the current proceedings, the dispute is mainly about the application of the law.

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“Juries really have to decide if there is uncertainty about the facts. The facts are not in dispute here. The dispute is about the law,” he said.

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The SEC case against Ripple has been ongoing since December 2020. The regulator accused the company of selling unregistered securities under the guise of XRP tokens.

On September 13, 2022, the parties filed motions for summary judgment in the case of possible violation of the Securities Act. The plaintiff and the defendant explained that the judge had sufficient information to do so.

Lawyers familiar with the details of the process told Fox Business that Torres likely won’t make a decision on the petition until early 2023.

At the same time, XRP quotes reacted positively to the news about the progress of the litigation. According to CoinGeckoover the past day, the price of the asset has grown by almost 30%, over the week – by 64%.

At the time of writing, XRP is trading near $0.52.

In May 2022, Garlinghouse stated that Ripple was considering holding IPO after the completion of litigation with the SEC.

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Source: Cryptocurrency

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