US court delivers verdict in the largest cryptocurrency case

In an interview with Fox Business, Ripple (XRP) CEO Brad Garlinghouse said that the decision on the US Securities and Exchange Commission’s (SEC) lawsuit against his blockchain company will ultimately be made by a judge.

Harlinghaus predicts that the case will not be sent to a jury, as he believes the judge has enough evidence to reach a verdict alone. In a 2020 lawsuit, the SEC accused Ripple and its top executives of selling unregistered securities.

In its lawsuit, the regulator claims that the platform’s native XRP token is an investment contract — a special class of securities. However, Ripple’s lawyers argue that the company has never entered into investment contracts with buyers of the digital asset.

on September 18, Ripple representatives filed a motion for summary judgment. Following this news, the XRP rate increased by 61.6% over the week.