Monday, May 27, 2024

Ripple CEO Says SEC Lawsuit Will Conclude Soon With Favourable Outcome.

Brad Garlinghouse, Ripple CEO, is confident that the lawsuit by the US Securities Exchange Commission will end in the crypto company’s favour.  He said the verdict would come as soon as June as both parties have fully filled and fully briefed their arguments before the court

Garlinghouse pointed out that one doesn’t really have control over when a judge makes their decisions. But he is optimistic that there will be closure sometime in the coming single-digit months. The Ripple CEO also took a jab at SEC. The regulator displayed embarrassing behaviour throughout the lawsuit. Garlinghouse believes Ripple was betrayed by the SEC. He said the watchdog filed the lawsuit despite the firm’s efforts to meet with them on three separate occasions for regulatory clarity.

Stuart Alderoty, Ripple’s General Counsel, said the outcome of the Ripple case will have a significant impact on crypto’s future in the US. SEC’s lawsuit against Ripple is about the alleged sale of unregistered securities – XRP. But Ripple said that XRP is not a security, it’s a currency or commodity.

Legal experts believe the case can go either way. If it goes in favour of the SEC, the case could set precedent for requiring other crypto companies and projects that may be selling unregistered securities to register with the relevant agency. But if the case is in favour of Ripple, it will have the opposite effect and pave the way for greater freedom in the crypto space.

The case has been having an impact on XRP’s price as well. At the time of writing this article, XRP was down 1% and trading at $0.3843.

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