Ripple CEO Brad Garlinghouse is “optimistic” that the Securities and Exchange Commission (SEC) lawsuit over xrp will “definitely be resolved in 2023.” He added that it could even be resolved in the first half of this year.” I feel very good about where we are vis-à-vis the law and the facts.” Said a Ripple executive.
Ripple CEO feels “optimistic” about SEC lawsuit
Ripple Labs CEO Brad Garlinghouse offered his perspective on the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) over the sale ofXRP at the World Economic Forum in Davos, Switzerland on Wednesday in an interview with CNBC at the World Economic Forum in Davos, Switzerland on Wednesday.
Noting that it would take the judge “however long it takes,” Garlinghouse said.
We are optimistic that it will definitely be resolved in 2023 and maybe the first half of the year. So let’s see what happens from here. But I feel very good about where we are relative to the law and the facts.
The SEC filed a lawsuit against Garlinghouse, Ripple, and co-founder Chris Larsen in December 2020 over the sale ofXRPwhich regulators claimed was an unregistered securities offering. Ripple argues that XRP is not a security; both the SEC and Ripple filed a final brief for summary judgment in the case last December.
Ripple’s CEO said he expects a ruling “in the coming single-digit months,” adding that Ripple will not settle with securities regulators.
“We have always said we want to settle, but it requires one very important thing, and that is on a go-forward basis,XRPis not a security,” Garlinghouse stressed and elaborated.
The SEC and Gary Gensler have very publicly stated that they consider almost all crypto to be securities. This leaves little room for settlement in the Venn diagram.
SEC Chairman Gary Gensler has stated on several occasions that bitcoin is a commodity, but most other crypto tokens are securities.
Emphasizing the importance of the outcome of the Ripple lawsuit, Garlinghouse said Wednesday.” What I have heard repeatedly here in Davos is that this is not just about Ripple… Really, it’s how important it is to the entire crypto industry in the United States.” He added, “I keep reminding people that outside the US, crypto is still thriving, Ripple is still thriving, and we need to make sure that we continue to engage with regulators outside the US as well.” He stated.
In another fireside discussion with CNBC, Garlinghouse weighed in.
I thought it was very clear from the beginning that the facts are on our side and the law is on our side … And as you have seen this play out, as you have seen the submissions in court, I think the judge is certainly hearing our arguments.
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