Ripple CEO Brad Garlinghouse is confident that the long history surrounding the SEC allegations will come to an end in 2022.
Crypto fintech company Ripple is making great strides in its litigation with the US Securities and Exchange Commission. At least that is what its CEO Brad Garlinghouse claimed in an interview with CNBC on Monday. In this, Garlinghouse said that he expected the case, which revolved around the status of XRP, the world’s seventh largest cryptocurrency, to likely come to a close in the coming year.
We’re seeing pretty good progress despite a slow moving legal process. The judge is clearly asking us good questions. And I think the judge realized that this is not just about Ripple, it is going to have wider implications.
he told CNBC’s Dan Murphy. Garlinghouse is alluding to the regulatory classification of XRP and possibly other cryptocurrencies as securities. The SEC accuses Ripple and its executives of selling tokens worth USD 1.3 billion as part of an unregistered securities offering. However, Ripple always claimed that XRP should not be viewed as a security. This is because a much stronger regulatory control is required for such a classification.
Richter considers SEC arguments against Ripple to be exaggerated
The ongoing legal disputes were not exactly conducive to the reputation of XRP. Several well-known exchanges also suspended trading with it. But the community remains loyal to the cryptocurrency. Since the beginning of the year there has been an increase of more than 370 percent. In addition, Ripple is also succeeding in entering into more and more business partnerships.
And what’s new from the courtroom? Well, informed about it the most recent post of the founder of crypto-law.us, John Deaton. It states that Judge Netburn considers the SEC’s reasoning to be “too broad and far-reaching”. Ultimately, it would criminalize every single XRP seller. Garlinghouse and the Ripple-Hodlers will surely like this assessment.