Ripple was sued by the US Securities and Exchange Commission (SEC) in December 2022 over selling unregistered securities. The lawsuit between the company and the SEC has been ongoing since then, and the CEO of Ripple, Brad Garlinghouse, has said there are signs that the lawsuit will be finalized before the end of the year.
Ripple CEO says SEC case will be resolved this year
Garlinghouse said that the lawsuit that has been ongoing for two years now had reached its climax, and it could be resolved before the end of 2022. During an interview with a correspondent of Fox Business, Charlie Gasparino, Garlinghouse said that the ongoing legal tussle with the SEC was progressing well, adding that it would set a precedence within the crypto sector.
“The case has gone quite well, a lot of it has been skirmishes around discovery. But it’s clear that the judge understands that this is an important case, and it is going to be a precedent. Now we’re getting close to summary judgment filings. Everything will be before the judge now by the end of November,” Garlinghouse said.
At the beginning of last month, the judge preceding the lawsuit, Annalise Torres, altered the briefing schedule for the summary judgment. The modified details said that the parties involved in the case needed to receive a full briefing before mid-November. The judge said that she would review the case before giving a verdict. The peak of the lawsuit will depend upon the time taken by the judge to review the details of the case.
Garlinghouse says SEC is prolonging the case
Garlinghouse also said that the SEC was prolonging the case. He said that the remarks of the SEC chair, Gary Gensler, did not “make a lot of sense.” He added that despite the SEC filing this case, they have sought to delay it at every juncture. However, Ripple was planning to move on as quickly as possible.
In February, a former attorney at the SEC, Joseph Hall, issued a statement saying Ripple had an advantage in the lawsuit. Hall said there was no reason why the commission needed to file the case, adding that there was a “pretty good chance that they [SEC] lose all the merits” once the case is finalized.
However, Gensler has taken a hard stance on cryptocurrency assets. Despite being a professor of blockchain at MIT, Gensler has been adamant that cryptocurrencies need to be regulated to protect investors.
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