- Ripple CEO Brad Garlinghouse applauds the court ruling denying SEC’s motion to strike fair notice defense.
- Stuart Alderoty, Ripple’s general counsel, also commented that the ruling will check the SEC’s crypto tactics.
- XRP has seen an uptick in bullish sentiments on the back of the favorable ruling.
Ripple executives and the XRP community are in celebratory mode over a favorable ruling made on Friday in the case with the SEC. Ripple CEO, Brad Garlinghouse called the ruling a “huge win”, adding that the case is bound to get more attention now.
How the ruling plays in favor of Ripple
Presiding Judge Analisa Torres ruled that the SEC’s motion to strike Ripple’s fair notice defense was denied. Judge Torres stated that the SEC had failed to persuade it on the point by failing to cite relevant case laws.
The ruling also explained that the SEC had failed to prove that it would suffer ‘undue prejudice’ from the continuation of Ripple’s fair notice defense.
Commenting on the turn of events, Ripple’s general counsel, Stuart Alderoty said that the order was a significant one. This is because it seriously questions if the SEC provided Ripple with fair notice that sales of XRP would be breaking securities laws.
Alderoty adds that it is good to see the judge reject the SEC’s attempt to stop his principal from pursuing its fair notice defense.
“Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s ‘regulation by enforcement’ approach,” Alderoty said.
Garlinghouse’s plaudit to the ruling was made in response to Alderoty’s analysis. The Ripple CEO also noted that it would have been great for the second key ruling made on the day to have gone in Ripple’s vogue. However, he remains confident that the entire case will be dismissed.
The second ruling made on the day denied a motion filed by Garlinghouse and Chris Larsen to have charges against them dismissed. Notably, both motions were filed at about the same period in April last year.
The win has turned sentiments in the XRP market
Many XRP proponents have cheered the ruling, citing enormous growth expected of XRP once the case ultimately ends in Ripple’s favor. Attorney Jeremy Hogan, who is a regular presence in the XRP community, remarked that the ruling is one of the outcomes he has been waiting for. He noted that the ruling has given the SEC something to lose in the case.
Following the ruling, XRP surged to reach a one-month local high price of $0.85 per data from CryptoRank. XRP is currently trading at $0.79, up 5.98% in the last 48 hours.