Ripple CEO ‘Optimistic’ About SEC Lawsuit Over XRP – Says ‘I Feel Very Good About Where We Are’
In an interview with CNBC on Wednesday at the World Economic Forum in Davos, Switzerland, Brad Garlinghouse, CEO of Ripple Labs, shared his thoughts on the lawsuit initiated by the US Securities and Exchange Commission over the sale of XRP. Noting how long the replacement will take, the CEO says he is hopeful that it will definitely be resolved in 2023 and probably expects it to happen in the first half. We’ll certainly see how it plays out from here but they feel pretty good about where they stand relative to the law and the facts. In December 2020, the Securities and Exchange Commission filed a lawsuit against Garlinghouse, Ripple and co-founder Chris Larsen over the sale of XRP, which the regulator claimed was an unregistered security offering and Of course further they say that even XRP is not secure. Both Ripple and the Securities and Exchange Commission submitted their final brief seeking full summary judgment in the case last December. It was stated by Ripple’s CEO that a decision would appear sometime in the coming digital months and added that he does not expect Ripple to settle with the securities regulator. Garlinghouse elaborated, adding that we have always said that we would love to go along with this agreement, but that there is a very important point that, going forward, it is clear that XRP is not a security. Gary Gensler, chairman of the Securities and Exchange Commission, has been very outspoken in saying that he views almost all forms of crypto as a security, adding that the Venn diagram leaves little room for settlement. Has very openly stated that he views almost all crypto as a security. SEC Chairman Gary Gensler has stated on several occasions that bitcoin is a commodity but most crypto tokens are securities. Emphasizing the outcome of the Ripple lawsuit, Garlinghouse said on Wednesday that he has heard over and over again here in Davos how important it is not only to Ripple, but indeed to the United States as a whole. It’s also important for the U.S. industry and he added that they assure people that even after the United States, crypto is still thriving, Ripple is still thriving, and at the same time we need to make sure We are going to include non-US regulators as well.
In a separate fireside discussion with CNBC, Garlinghouse said that initially he thought it was pretty clear that the facts were on his side and the law was on his side, and that he felt the way he saw it and As you have seen from the court filing, the judge is definitely listening to our arguments.
