JAKARTA The case of Ripple vs. the US Securities and Exchange Commission (SEC) is nearing its end. Both sides have submitted a brief motion of assessment to the court. That means, Ripple and the SEC will wait for a court decision. For information, Ripple's feud with the SEC has taken more than two years, starting in December 2020.
Ripple CEO Brad Garlinghouse is confident that his side will get positive results in a feud with the SEC. He considered that XRP's digital asset trading had nothing to do with the company. Garlinghouse made a threatening statement in an interview with CNBC, as reported by DailyHodl.
You have to remember that XRP's 99.9% trading has nothing to do with the company's Ripple. So when you talk about, okay, 'XRP is a security,' I went back to something I said years ago when they started: 'What company's authority? Who's the owner? I think it's very clear there's no investment contract, said CEO Ripple.
If you pass an investment contract, which in my opinion is difficult, bypasses Howey Test, you have to meet all three branches, and in the case of XRP, you can't fulfill all three branches for sure. And so we think the judge will see that the law is very clear, we think the facts are very clear, we think this is just an excessive measure from the SEC trying to seize control of the uncertainty that has existed," Garlinghouse continued.
Howey's test was created by the Supreme Court to determine whether an asset is a security or not, based on whether investors expect to benefit from the efforts of others or not.
Garlinghouse thinks the lawsuit against Ripple is a "bellwether case" that could be compared to the SEC v. WJ Howey Co case, which was credited with the creation of Howey Test.
"I think the 'Ripple Test' is probably what we see in the future. There are many facts and circumstances that could be unique, but for Ripple, and what the SEC is trying to do, I think it's just the SEC trying to go beyond the law," he added.
As is known, the SEC sued Ripple in December 2020. The US regulator accused Ripple of trafficking XRP as an unregistered securities. However, the XRP community is currently still anxiously awaiting a judge's decision to end the trial.
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