Ripple CEO Brad Garlinghouse says he is “optimistic” that the Securities and Exchange Commission (SEC) lawsuit over xrp “will certainly be settled 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 in relation to the law and the facts,” the Ripple executive said.
Ripple CEO Feels ‘Bullistic’ About SEC Lawsuit
Ripple Labs CEO Brad Garlinghouse shared his opinion on the lawsuit filed by the US Securities and Exchange Commission (SEC) over the sale of XRP in an interview with CNBC on Wednesday at the World Economic Forum in Davos, Switzerland.
Noting that the judges will “take as long as they take”, Garlinghouse said:
We are optimistic that this will certainly be resolved in 2023, and perhaps in the first half. So we’ll see how it develops from here. But I feel very good about where we are in relation 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 of XRP which the regulator claimed was an unregistered securities offering. Ripple has argued that XRP it is not a security. Both the SEC and Ripple filed their final round of briefs in December of last year, seeking summary judgment of the case.
Ripple’s CEO said he expects a ruling to arrive “sometime in the next few single-digit months,” adding that he does not expect Ripple to settle with the securities regulator.
“We have always said that we would love to reach an agreement, but it requires one very important thing, and that is that, in the future, it is clear that XRP it is not a value,” Garlinghouse emphasized, explaining:
The SEC and Gary Gensler have been outspoken that they view almost all cryptocurrencies as a security. And that leaves very little room in the Venn diagram for liquidation.
SEC Chairman Gary Gensler has said on several occasions that Bitcoin is a commodity, but most other crypto tokens are securities.
Emphasizing the importance of the outcome of Ripple’s lawsuit, Garlinghouse said on Wednesday: “Something that I’ve heard here in Davos repeatedly is how important this is, not just to Ripple… but also, really, to the entire industry.” cryptocurrencies in the United States”. He added: “I keep reminding people that outside of the United States, cryptocurrencies continue to thrive, Ripple continues to thrive, and we need to make sure we continue to engage regulators outside of the United States as well.”
In a separate fireside discussion with CNBC, Garlinghouse opined:
From the beginning, I thought it was very clear that the facts were on our side, that the law was on our side… And I think as you’ve seen this play out, as you’ve seen the documents filed in court, that the judge certainly is listening to our arguments.
Who do you think will win this case, the SEC or Ripple? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.