Ripple CEO Brad Garlinghouse said he thinks “we will have an answer in the first half of next year” in the US Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is for the whole industry” and “Everybody acknowledges how important this is.”
Ripple CEO expects answers in the first half of next year
Ripple CEO Brad Garlinghouse spoke about the timeframe of the U.S. Securities and Exchange Commission (SEC) lawsuit over the sale of XRP during an event for DC Fintech Week, Bloomberg reported on Thursday. Three.
While acknowledging that it is difficult to predict the pace of court proceedings, Garlinghouse said:
I think we will have an answer in the first half of next year. Whether it’s the first quarter or the second quarter, we’ll see.
Garlinghouse added on Tuesday that Ripple will consider a settlement with the SEC if the regulator declares that XRP is not a security. The CEO emphasized that the XRP case “is about the entire industry,” adding:
Everyone acknowledges how important this is.
Garlinghouse noted that Ripple’s business in the United States is limited, noting that “For all intents and purposes, XRP is not liquid in the United States.”
The SEC sued Ripple, Garlinghouse and co-founder Chris Larsen in December 2020, alleging that they raised more than $1.3 billion through an unregistered, digital asset securities offering happenings of XRP. Ripple then filed a motion to dismiss the lawsuit, claiming that the XRP token is not a security. Meanwhile, the SEC has also asked the court to rule in its favor without a trial.
In July, Garlinghouse said: “I think the SEC has massively overstepped… I think they’ve seen this gray area that they’re like, ‘hey, we’re going to go in. I think there are a lot of companies that realize how important this case is for the entire industry.”
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