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Ripple CEO Predicts Resolution in SEC Lawsuit, Despite "Embarrassing" Conduct

Ripple CEO Predicts Resolution in SEC Lawsuit, Despite "Embarrassing" Conduct

The head of Ripple, Brad Garlinghouse, spoke in an interview with CNBC’s “Squawk Box Europe” at the World Economic Forum in Davos, Switzerland.

In the interview, Garlinghouse stated that he is hopeful that a resolution will be reached in its spat with the US Securities and Exchange Commission (SEC) within the first half of 2023.

Previously, the SEC initiated a lawsuit against Ripple in 2020, alleging that the company and its executives illegally sold XRP to investors without first registering it as a security. Ripple's native currency XRP was created in 2012.

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"Judges take however long the judges will take," said Garlinghouse, and added:

We’re optimistic that this will certainly be resolved in 2023, and maybe in the first half. So we’ll see how it plays out from here. But I feel very good about where we are relative to the law and the facts.

Ripple disputes the claim, saying that the token should not be considered an investment contract and is used in its business to facilitate cross-border transactions between banks and other financial institutions.

In December, Ripple and the SEC submitted their final round of briefs seeking a summary judgment to the case, respectively accusing each other of stretching the law.

The judge could make a ruling in favor of either side, avoiding a trial, or put the matter before a jury. Garlinghouse said that he expects a ruling to arrive “sometime in the coming single-digit months”. Potentially as soon as June. He added that he doesn’t expect the company will settle the case, although he remains open to the prospect.

The outcome of the lawsuit has important implications for both Ripple and the broader crypto market, as it will determine whether XRP should be treated as a security or not. Garlinghouse has sternly rebuked the SEC’s legal battle with his firm, saying the conduct of the agency so far had been “embarrassing.”

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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