The SEC case against Ripple will not be sent to a jury for consideration, as Judge Analisa Torres has a sufficient evidentiary basis to render a verdict. This was stated by Brad Garlinghouse, the CEO of the blockchain company, on Fox Business.
Garlinghouse explained that a jury trial is triggered when the parties dispute certain facts. In this case, the dispute concerns mainly the application of the law.
“Juries really have to decide whether there is any uncertainty about the facts. The facts here are not disputed. The dispute is about the law,” he said.
The SEC’s case against Ripple has been ongoing since December 2020. The regulator accused the company of selling unregistered securities disguised as XRP tokens.
On September 13, 2022, the parties filed motions for a summary judgment on possible violations of the Securities Act. The plaintiff and the defendant explained that the judge has sufficient information to decide on this.
Sources familiar with the case told Fox Business that Torres is unlikely to rule on the motion until early 2023.
Meanwhile, XRP prices rose on news of the legal battle’s progress. According to CoinGecko, in the last 24 hours the asset’s price rose by nearly 30%, over the week — 64%.
As of writing, XRP trades near $0.52.
In May 2022, Garlinghouse said that Ripple was considering the possibility of conducting IPO after the conclusion of the SEC case.
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