Ripple CEO Confident that XRP Lawsuit will be Resolved in H1-2023
- Ripple CEO Brad Garlinghouse stated that the result of his firm’s struggle with the SEC will come out in the first half of 2023.
- “Judges take however long the judges will take,” Garlinghouse stated while adding that he is hopeful that the judgment would be in his favor.
- Garlinghouse stated that the judgment should arrive “some time in the coming single-digit months,” possibly as soon as June.
- Moreover, the Ripple executive stated that his firm will only settle on a go-forward basis, i.e., it is clear that XRP is not a security.
Ripple, a cross-border payments company, has been the subject of increased speculation ever since its lawsuit with the United States Securities and Exchange Commission (SEC) began over the offering of its XRP tokens. Many months have passed since the SEC sued the payments company and its CEO, Brad Garlinghouse, claiming that they were involved in the sale of unregistered securities. However, the case might end soon, Garlinghouse recently said in an interview.
In a session with CNBC at the World Economic Forum in Davos, Switzerland, the Ripple executive stated that the result of its struggle with the SEC will come out in the first half of 2023, and he is hopeful that it will be in the favor of his firm. “Judges take however long the judges will take,” Garlinghouse stated.
“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,” said the CEO of Ripple.
It is crucial to note that the struggle between SEC and Ripple began in 2020 over the XRP token which was created in 2012 and was one of the first crypto assets to be around. The dominance of the token has come down following the lawsuit, but it still remains among the top 10 in terms of market capitalization. At the time of writing, the price of 1 XRP stands at $0.3789 with a market cap of $19.2 billion, while the token is down more than 90% from the all-time high of $3.84.
Furthermore, in December, both Ripple and the SEC submitted their final briefs and accused each other of violating several laws. Interestingly, the judge might rule in favor of either side, and it is only a matter of time before the judgment comes. On the other hand, Garlinghouse stated that the judgment should arrive “some time in the coming single-digit months,” possibly as soon as June.
Garlinghouse stated that Ripple is thinking of a settlement but might consider the same when the time comes. “We have always said that we would love to settle, but it requires one very important thing, and that is that, on a go-forward basis, it’s clear that XRP is not a security,” Garlinghouse said while adding:
“The SEC and Gary Gensler have very outwardly said he views almost all crypto as a security. And so that leaves very little space in the Venn diagram for settlement.”
It is crucial to note that recently, Genslar stated that he only sees Bitcoin (BTC) as a security and not even Ether (ETH). These comments from the SEC Chair outraged the crypto community, and even the co-founder of Ethereum, Vitalik Buterin, came to support his crypto coin. He stated that Ethereum is “not a security” and that such claims are “unmitigated, bare-faced” lies.