Ripple CEO Brad Garlinghouse has expressed confidence that the court will make a final determination on the ongoing XRP lawsuit sooner than projected.
During the Redefine Summit 2023 earlier this week, Garlinghouse shed light on Ripple’s determination to fight for clarity and transparency in the cryptocurrency industry, noting that the nearly 3-year legal tussle with the SEC was nearing an end.
“In terms of where things stand today, I feel very confident that we will see a decision from the courts this year…I would guess in weeks, not months,” Garlinghouse stated.
Notably, at the recent Dubai Fintech Summit just a week ago, Garlinghouse stated that he anticipates the case will conclude within two to six months.
The CEO’s optimistic statements come following a recent ruling in which Judge Analisa Torres denied the Securities and Exchange Commission’s (SEC) request to seal internal documents related to William Hinman’s speech. The speech in question addressed why Ethereum (ETH) was not considered a security. The court ruled that the notes and emails associated with the speech should be made public on June 13, a move Garlinghouse hailed as a “huge win for transparency” during the interview.
Despite the ongoing legal battle and the lack of regulatory clarity, Ripple has chosen to stand firm and fight for its interests and the entire crypto industry. Garlinghouse acknowledged the financial toll the lawsuit has taken, stating, “We’ve spent a lot of money defending it, and I think what we’ve called out is that the government of the United States and the SEC particularly is putting politics ahead of smart policy.”
Garlinghouse further highlighted the frustration felt by many entrepreneurs in the crypto industry due to actions by the SEC and other government agencies, leading to some relocating their operations overseas. “Because of that, you are seeing entrepreneurs go overseas. Most of our hiring is not in the US now. Most of our customers are non-US,” he added.
Elsewhere, Pro-Ripple lawyer Jeremy Hogan also expressed his belief in the lawsuit ending soon in a Tuesday, May 23, tweet. According to the lawyer, Judge Analisa Torres is not obligated to wait for the release of redacted documents before making a decision. However, he suggested that she might choose to do so, adding, “I would not hold my breath until after June 13.”
Filed in December 2020 by the SEC, the XRP lawsuit alleges that Ripple executives, including Chris Larsen and Brad Garlinghouse, violated securities laws by selling XRP without proper registration. Conversely, Ripple has continued to contend that XRP is a digital currency and not a security.
With Ripple having bagged several wins in court over the past year or so, it remains to be seen whether the ultimate ruling will favour it, which, if so, would be a major win for the entire crypto industry.
