Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is about the whole industry” and “Everyone acknowledges how important this is.”
Ripple’s CEO Expects Answer in First Half of Next Year
Brad Garlinghouse, Ripple’s CEO, spoke about the timeline of the suit by the U.S Securities and Exchange Commission. This was at an event held for DC Fintech Week. Bloomberg reported Tuesday.
Garlinghouse admitted that it’s difficult to anticipate the speed of court proceedings.
I think we’ll have an answer in the first half of next year. Whether that’s the first quarter or second quarter, we shall see.
Garlinghouse stated Tuesday that Ripple will consider settling with the SEC if it is determined that XRP does not constitute a security. The executive stressed that the XRP case “is about the whole industry,” adding:
This is something everyone recognizes.
Garlinghouse noted that Ripple’s business in the U.S. is limited, noting that “For all intents and purposes, XRP does not have liquidity in the United States.”
In December 2020, the SEC filed a lawsuit against Ripple and Garlinghouse as well as Chris Larsen, co-founders. They claimed that they had raised more than $1.3 billion using an ongoing, unregistered digital asset securities offer of XRP. Ripple filed a motion to dismiss the lawsuit, claiming that the XRP token was not a security. In the meantime, the SEC asked for a court ruling without any trial.
In July, Garlinghouse said: “I think the SEC has massively overstepped … I think they saw this gray area they’re like ‘hey we are going to go in.’” The Ripple boss reiterated: “It’s frustrating it’s taking this long. There’s a lot of companies, I think, that realize how important this case is to the whole industry.”
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