Brad Garlinghouse, CEO of Ripple, recently expressed his appreciation for the support XRP protestors have provided during a legal tussle against the Securities Exchange Commission (SEC). The technicality of the case is complex, yet the outcome could have profound implications for the cryptocurrency industry, particularly regarding clarity surrounding what is to be considered a security.

At a two-day conference dedicated to members of the XRP community, the Las Vegas 2023 XRPArmy conference, Garlinghouse felt immense gratitude for the community rallying around their common startup. In his native tweet, he expressed his inability to adequately express the admiration, joy and cheerfulness of being with other enthusiasts.

The SEC took action against Ripple in December 2020 based on accusations that it offered an unregistered security in the form of XRP. Ripple disputes the charges made, hoping for a favorable ruling. Ripple is not going down without a fight and has refuted several of the SEC's statements and legal expert opinions that might have weakened the case.

John Deaton, a pro-XRP lawyer, supported the defense by pointing out a document in the legal proceedings-- ECF 640-- which suggests investors are putting money into a common enterprise, not purchasing a security. He views the SEC's argument as overreach, as it potentially places extreme reach on future sales even with countries that recognize XRP as fiat currency.

The clarity generated through the case will cut both ways for different cryptocurrencies; hopefully, it will generate clearer definitions for all players involved in the crypto space, meaning their business practices will stay within the realms of legality. The crypto industry also awaits Gary Gensler, current SEC Chair, to give a definitive answer on what was discussed, including the status of Ethereum.

In the meantime, XRP continues to trade in tandem with the market, with it currently trading at $0.46 and with 0.65% positive gains.

The Ripple case against the SEC is of crucial importance, both to the industry and to the XRP community. Yet, no matter the outcome, the support has been unwavering and will continue to be, as the community stands together to prevent the SEC’s overreach into the cryptocurrency space. All eyes are on the summary judgement as Ripple and the SEC settle their score.



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