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Following months of ongoing battles and legal pressure, Ripple is finally making some progress in its lawsuit with the SEC. CEO Brad Garlinghouse said he expects the case to finally end next year.
Lawsuit Update From Brad Garlinghouse
Brad Garlinghouse – CEO of Ripple – elaborated on the lawsuit’s latest development in an interview with CNBC on Monday. The lawsuit began in December of 2020, with the SEC accusing Ripple of selling $1.3 billion worth of XRP in an unregistered securities offering. The case now centres around XRP, and whether or not it classifies as a security.
“We’re seeing pretty good progress despite a slow-moving judicial process,” said Garlinghouse. “Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.”
Indeed, the SEC’s treatment of XRP will likely have wide-reaching ramifications across the rest of the crypto market. In September, SEC chairman Gary Gensler stated that he considered most available crypto tokens to be securities.
XRP is currently the 7th largest cryptocurrency by market cap. The definitions Ripple’s trial sets as precedent could effectively mean life or death for it and many less popular coins.
“In general, the direction of travel is very positive,” said Ripple’s CEO. He added that other countries including Japan, Switzerland, and Singapore are showing great leadership when it comes to regulating crypto. This is in stark contrast to the SEC’s approach until now, which multiple community figureheads have shown discontent with, including a current commissioner.
“[The US] is the only country on the planet that has said XRP is anything other than a currency,” noted Garlinghouse last April. “So far, I feel good about how that’s been going, but it’s certainly frustrating.”
Ripple’s War With The SEC
After nearly a year of legal tussling with the SEC, Ripple has scored numerous wins. Back in May, the SEC was denied access to XRP’s internal sales documents. Ripple also scored access to internal Binance documents to shed light on its XRP sales made through the exchange.
Not all has been well for the company, however. The SEC received access to Ripple’s internal slack conversations in September. Later that month, a federal judge denied Ripple’s attempt to access the crypto trading history of SEC employees.
XRP emerged as a top cryptocurrency during the 2017 bull cycle, topping at over $3 per coin.