Ripple v. SEC case update as of October 2, 2023

As the cryptocurrency world is waiting for the official conclusion of the courtroom battle between the United States Securities and Exchange Commission (SEC) and Ripple, the community behind the blockchain company has decided to celebrate the earlier (partial) victory this weekend.

Specifically, ‘The Proper Party,’ which took place on September 30, gathered not just the XRP and Ripple enthusiasts but also the people closely involved with the ecosystem and the lawsuit itself, including Ripple CEO Brad Garlinghouse, CTO David Schwartz, legal experts Jeremy Hogan and John E. Deaton, and many others.

“This village beat the bully”

Right before the party, Garlinghouse shared a few photographs with the crowd gathering outside the venue, stating that this event was a celebration of collective achievement and “a reminder to the SEC that court decisions matter and that progress is worth fighting for.”

When delivering his speech at the celebration (which also featured a star performance by Lenny Kravitz), Garlinghouse said that it was “this village [that] beat the bully,” referring to the XRP and Ripple community and its stand against the regulator, in a video shared in an X post by CryptoLaw on September 30.

“This village beat the bully.” @bgarlinghouse celebrating a landmark legal victory for crypto over the @SECGov with thousands from the #XRPCommunity last night in NYC pic.twitter.com/mGSpiP2plO

— CryptoLaw (@CryptoLawUS) September 30, 2023

Winning the fight

Earlier, CryptoLaw shared an article written by Frank Francone, a policy fellow at the Centennial Institute and a California attorney, who stated that “the SEC’s central argument (…) failed almost completely under judicial scrutiny,” harming “a lot of innocent people in the process,” not just the defendants in the case.

As CryptoLaw founder John E. Deaton also pointed out commenting on Francone’s arguments in the article titled ‘The SEC is Not the King,’ “75k investors, users, developers, and small businesses have been screaming the above for 3 years,” in an X post published on September 28.

Meanwhile, lawyer Bill Morgan highlighted the inconsistencies in the SEC’s “arbitrary enforcement, stating that “Marc Berger was pro-crypto when it came to Ethereum (ETH) and [its co-founder Joseph] Lubin, but while deputy director of the Division of Enforcement sued Ripple.”

More recently, on October 1, Jeremy Hogan stressed that back in the early 1980s, the SEC had tried to pull a similar thing as with XRP but with gold, “when inflation was high, and gold was the investment,” and that the courts had put a stop to it at the time:

The SEC attempted to make an end run around the 3rd prong of the Howey test back in the early 80s when inflation was high, and gold was the investment.

And back then as well, the Courts reminded the SEC that the expectation of profits CANNOT come from market forces. https://t.co/MMAqeNLnFJ pic.twitter.com/YryrF4muep

— Jeremy Hogan (@attorneyjeremy1) October 1, 2023

While the Ripple crowd was out partying, the XRP token that has been at the center of the long-running lawsuit has been growing its price, recording a 0.86% gain in the last 24 hours, increasing 5.37% across the previous seven days, and adding 5.41% to its value on its monthly chart, and currently trading at $0.52 as of October 2.

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