Ripple CEO Brad Garlinghouse recently predicted that the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) would come to an end within the next two to six months. Garlinghouse, who is named as a defendant in the lawsuit, made the remarks during the Dubai Fintech Summit. He noted that both parties have briefed the assigned judge, Analisa Torres, and that she now has a decision to make.

Previous predictions for an end date for the lawsuit were June 30 and May 6, 2021, respectively, put forth by lawyers James K. Filan and John E. Deaton. Unfortunately, the judge has yet to issue her summary judgement, prompting Garlinghouse to push his date prediction from June 30 to September 30, 2023.

Adding to the already drawn-out case timeline, Garlinghouse noted the case has been in progress for nearly two-and-a-half years and that the resolution has been unfortunately slow. However, he estimated that the majority of the issues regarding the SEC case should be resolved within the next few months, placing an expectation on resolution before the end of the third quarter in 2023.

The lawsuit between Ripple and the SEC involves allegations that XRP, Ripple’s token, is a security, and that Ripple has been violating the securities laws by allegedly selling it without proper registration. Ripple has always argued that XRP is not a security and that the SEC has filed the lawsuit outside of its jurisdiction.

The fate of the lawsuit will potentially have a major effect on the crypto market. If Ripple wins the case, it will likely suggest a more lenient stance by the SEC on regulating the crypto industry. Given Ripple’s stated goal to create a globally distributed financial system and provide a bridge between different national payment systems, the outcome of this case could be instrumental in Ripple’s ability to achieve this target. In the meantime, all eyes will be on the judge for her ruling on the case.



Other News from Today