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As revealed by Ripple CEO Brad Garlinghouse, the long-standing feud between the company and the US Securities and Exchange Commission (SEC) is coming to an end.
In an interview with CNBC this week, Brad Garlinghouse highlighted progress in the case despite the slow progress of the trial. He predicts that Ripple’s case will likely end in 2022, with positive actions coming from Judges.
“Obviously, we are seeing positive signals from the questions posed by the judge. The judge realizes this is not just a Ripple issue, but has broader implications.”
The process is currently in a more exploratory phase, where each party exchanges expert reports looking at different aspects. In response to the SEC’s request for an extension, the court requested an extension to reach a conclusion by mid-January 2022.
Despite being entangled with the SEC for the past year, Ripple executives have worked hard to limit the impact of the barrier on the company’s business. Garlinghouse stated that Ripple’s expansion into the Asia-Pacific region and the Middle East-North Africa corridor was not affected by the SEC lawsuit. Besides, the company is also raising the ambition to list on the stock exchange after everything is resolved smoothly.
On the community side, Ripple also gets support from XRP holders. Over 6,000 XRP holders volunteered to enter the “fight,” which would allow them to join the case as defendants and support Ripple in claiming that XRP did not violate securities laws. However, the judge ruled in October that individual XRP holders cannot act in Ripple’s ongoing lawsuit as defendants.
However, all the latest evidence leans in favor of Ripple. The court rejected the SEC’s offer to approach Ripple on suspicion that Ripple may have learned that XRP could be a security from the company’s legal advisors before proceeding with the sale to investors. At the same time, the SEC has never notified third parties that it considers XRP a security.
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