2022-10-13 22:24 |
Ripple chief executive Brad Garlinghouse has offered a clue on when the company’s epic legal battle with the Securities and Exchange Commission (SEC) will likely conclude. Optimistically speaking, he believes the lawsuit will be over in three or four months, though there’s a possibility it could be prolonged.
XRP Securities Lawsuit Slated To End In 4 MonthsAfter two years of procedural victories and losses, the drawn-out lawsuit over whether XRP sales violated securities regulations could soon come to a close.
Speaking to panellists at the DC Fintech Week conference on Tuesday, Ripple CEO Brad Garlinghouse said he expects the case between the SEC and his company, which began in 2020, to end by the first half of next year. However, he acknowledges it’s difficult to predict correctly.
“Federal judges work at their own pace — optimistically we’re talking about 3-4 months, pessimistically it could be longer than that,” Garlinghouse posited.
The SEC sued Ripple for allegedly selling XRP tokens via unregistered securities transactions. According to the securities watchdog, Ripple sold XRP to investors while making them believe they would be getting a considerable return on the firm’s profits.
Both Ripple and the SEC recently called for summary judgment. This means they want the case to be decided by the presiding judge rather than going to a full trial.
Garlinghouse noted that the lawsuit would be fully briefed before the judge by mid-next month. He also reiterated that the case would not only decide the fate of the company but shape the future of the entire crypto industry.
The Ripple chief further mentioned the landmark speech given in 2018 by the former SEC director of Corporation Finance, William Hinman, in which he declared ether was not a security. Garlinghouse pointed out that the judge had ordered the Commission to turn over the documents six times. Late last month, Ripple scored another win as U.S. District Judge Analisa Torres thwarted the SEC’s efforts to shield these Hinman speech documents, a cornerstone of the company’s legal strategy.
Garlinghouse maintains Ripple is open to settling with the SEC under one condition: that the regulator concedes XRP does not qualify as a security.
Judge Grants Amicus Briefs Filed By Two Major Firms In Ripple’s DefenseIn another related development, Judge Torres has assented I-Remit and TapJet’s requests to file amicus briefs in support of Ripple in the legal tussle with the SEC.
The Judge stated that the U.S.-based instant private jet charter platform TapJet and Philippines-headquartered cross-border payments company I-Remit have until Oct. 14, 2022, to file their briefs.
As ZyCrypto reported previously, both firms have argued that the SEC’s drawn-out lawsuit against Ripple is a detriment to their business, as the XRP Ledger (XRPL) and its XRP native cryptocurrency are essential utilities to them.
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