Ripple CEO Brad Garlinghouse made a statement at the DC Fintech Week conference regarding his legal battle with the US Securities and Exchange Commission (SEC). He said the SEC’s lawsuit against his company will be resolved in the first half of 2023. Here are the details…
Comments on the lawsuit from Ripple CEO: We can consider the settlement
Garlinghouse, optimistically, thinks the case will be resolved within the next three or four months. If the CEO’s timeline holds up, the case will have continued for more than 2 years. As we reported on Kriptokoin.com, the SEC sued Ripple for allegedly selling unregistered securities in December of 2020. However, Garlinghouse stated that it is difficult to predict the date with certainty. Because federal judges work at their own pace, they don’t rule out the possibility that the case will last longer than that.
Garlinghouse also said that Ripple may consider a settlement with the SEC. But he stressed that the SEC must acknowledge that XRP is not a security. “The opportunity for reconciliation should start with the idea that XRP is no longer a security.” he added. However, the SEC boss sees the vast majority of crypto tokens as “securities”. It is therefore a real mystery whether any reconciliation will happen.
Effects of the case
Garlinghouse said that Ripple has warned about the significant implications of the lawsuit for the entire crypto industry. However, he recalled that many industry members mocked this warning. However, he claims that this is no longer the case. Garlinghouse uses the following expressions:
Today, I think everyone agrees how important regulation is to the US and US leadership when it comes to crypto.
As is known, both Ripple and the SEC filed for summary judgment in September to avoid going to court. “We think the law is very clear,” Garlinghouse said. Ripple CEO said the court has ordered the SEC to hand over documents related to former senior official William Hinman’s “Ethereum speech”. He even stressed that the organizer was told to deliver them on six different occasions. Garlinghouse asks, “What’s in these notes that will make them so committed to not sharing it with the world?” she asked.
Latest developments in the XRP market
On the other hand, if we look at related Ripple news, the fintech firm has expanded its On Demand Liquidty (ODL) services to France and Sweden. An announcement on October 11 mentions the new French partner of Paris-based online marketplace payment provider Lemonway. It also announced that Swedish money transfer provider Xbaht will facilitate the movement of money between Sweden and Thailand. Ripplenet’s ODL service uses XRP to provide liquidity for cross-border transfers. Meanwhile, XRP is changing hands at $0.48.
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