Ripple case with SEC to ‘likely’ reach a conclusion in 2022, says CEO


The long-running dispute between distributed ledger technology company Ripple and the US Securities and Exchange Commission (SEC) is coming to an end, according to the CEO of Ripple.

Brad Garlinghouse confirmed that the case was still ongoing “despite the slow pace of the trial”. Speaking to CNBC, he expects the Ripple case to end in 2022.

“Obviously we see good questions being asked by the judge,” Garlinghouse said, adding that “the judge understands that it’s not just about Ripple; it will have broader implications.”

Last year, the SEC accused Ripple of selling fake securities in the form of XRP tokens since 2013. Ripple has challenged the allegations, saying that XRP should not be taken as collateral.

The Securities and Exchange Commission said that Ripple may have been aware that XRP could be secured by its legal advisors before proceeding with the sale of the token and sought access to legal advice for the defendant. The court rejected the request, citing confidentiality between attorney and client.

On this topic: Ripple describes a potential regulatory framework for the cryptocurrency industry in the United States.

During the year, Ripple executives shared their views on the issue and its impact on the business. Garlinghouse said the SEC lawsuit did not affect Ripple’s expansion into the Asia Pacific region. The company is also considering an IPO once the case is resolved.

The support was provided by the holders of XRP tokens, who sent letters to “friends of the court” that would allow them to join the case as defendants and support Ripple in its claims that the token does not violate the securities laws. However, in October, a judge ruled that individual XRP holders cannot appear as defendants in Ripple’s ongoing lawsuits.



Please enter your comment!
Please enter your name here