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Ripple CEO Brad Garlinghouse did not disappoint with his speech, recognizing several key players in the battle against the SEC. John E. Deaton, Stuart Alderoty, Ripple Chief Legal Office, Deborah McCrimmon (Vice President of Litigation and Employment), and David Schwartz (Ripple Chief Technology Officer) got special mentions.
Referring to the SEC and the SEC v Ripple lawsuit, Garlinghouse said,
“One thing I think we all learned is that it does take a village to fight a bully, and this village beat the bully.”
Back to Business
With the Proper Party over and the XRP Community united, it will be business as usual on Monday. The US Government is on course to avoid a shutdown, allowing Judge Torres to deliberate further on the SEC motion for interlocutory appeal.
This week, Deaton discussed the various connotations of the case. Deaton also predicted the programmatic sales ruling would withstand an appeal.
Nonetheless, XRP will likely come under selling pressure if Judge Torres grants the motion for interlocutory appeal. A lengthier case and uncertainty toward the outcome of an SEC appeal would be a negative-price scenario.
However, a lengthier case would give the SEC v Coinbase (COIN) case more influence on the SEC v Ripple case. The crypto market awaits a court ruling on the Coinbase motion to dismiss (MTD). Deaton had this to say about the likely SEC response to Judge Katherine Failla granting the Coinbase MTD,
“I doubt the Solicitor General would allow an appeal in that scenario, one that could reach the Supreme Court, allowing for the High Court to strip away, not only the SEC’s power, but all other federal agencies as well.”
There is also the chance of a Republican victory in the 2024 US Presidential Election. A Republican party win would force SEC Chair Gary Gensler out of office and end the era of regulation by enforcement.
XRP Price Action
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