Ripple, one of the parties that submitted their petitions to the New York Southern District court, where the case was heard, demanded that the case be decided while stating that they had no defense other than the evidence they had presented so far. The SEC, on the other hand, filed a petition citing that the sale of XRP by Ripple classifies the cryptocurrency as an investment vehicle, citing a securities breach under U.S. securities law.

Defendants for the SEC's claim that Ripple sells XRP to investors with the promise of big profits in the future, and that the crypto money is classified as securities, argues that investors did not buy XRP by trusting the company, since there was no agreement in the sale. Ripple's executives Chris Larsen and Brad Garlinghouse weigh in on the argument that crypto investors profit more based on supply and demand conditions.

xrp court

On the other hand, commenting on the latest development, Ripple CEO Brad Garlinghouse said that the SEC has not been interested in enforcing the law so far, and claimed that the institution is trying to act above the authority given to them by the US Congress. In the current situation, the summary decision request submitted by the parties is currently seen as the most important development in the case that has been going on since December 2020. If the court considers the petitions, it can make a decision as to whether XRP is a security based on the findings.

The final decision on whether XRP is a security or not is considered an extremely important event in terms of crypto money markets. Because this case will be considered as an exemplary case in the classification of altcoins as an investor tool, and in the future, it will be clear whether crypto assets will be considered as securities in the USA.

XRP price experienced upward volatility following the submission of summary decision requests. XRP, which saw an increase in demand before the weekend, rose from $ 0.32 to $ 0.4 yesterday, while seeing an increase of more than 20%. XRP last saw this level on July 30. The crypto money, which fell with the general selling wave after the peak level of the month, has now declined to $ 0.34.