Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Ripple CEO expects response in SEC lawsuit over XRP in first half of 2023 – Regulation Bitcoin News
Ripple CEO Brad Garlinghouse says he believes “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 emphasized that the matter “is about the whole industry” and “Everyone recognizes how important this is.”
Ripple’s CEO expects an answer in the first half of next year
Ripple CEO Brad Garlinghouse spoke about the timeframe for the US Securities and Exchange Commission (SEC) lawsuit over the sale of XRP during a DC Fintech Week event, Bloomberg reported on Tuesday.
While acknowledging that it is difficult to predict the pace of legal proceedings, Garlinghouse said:
I think we will get an answer in the first half of next year. Whether it’s the first quarter or the second quarter, we’ll see.
Garlinghouse further said on Tuesday that Ripple will consider a settlement with the SEC if the regulator says XRP is not a security. The executive emphasized that the XRP case “is about the entire industry,” adding:
Everyone recognizes how important this is.
Garlinghouse noted that Ripple’s operations in the United States are limited, noting that “For all intents and purposes, XRP does not have liquidity in the United States.”
The SEC sued Ripple, Garlinghouse and co-founder Chris Larsen in December 2020, alleging that they raised over $1.3 billion through an unregistered ongoing digital securities offering of XRP. Ripple then filed a motion to dismiss the case, arguing that the XRP token is not a security. Meanwhile, the SEC has also asked the court for a ruling in its favor without a trial.
In July, Garlinghouse said, “I think the SEC has massively overreached … I think they saw this gray area where they’re like, ‘hey, we’re going to go in.'” The Ripple CEO reiterated: “It’s frustrating that it’s taking so long. There are a lot of companies, I think, that realize how important this issue is to the entire industry.”
What do you think of Ripple CEO Brad Garlinghouse’s comments? Let us know in the comments section below.
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