Lawsuit To Get Settled By First Half Of 2023
The legal battle between Ripple and the Securities and Exchange Commission (SEC) in the United States is intensifying. The Ripple vs SEC case was filed in December 2020 and has been making headlines since. The lawsuit was initially based on allegations that Ripple raised $1.3 billion through illegal means and that its native coin, XRP, is a security.
Now, as per Ripple CEO Brad Garlinghouse the Ripple vs SEC lawsuit will see its end before June 2023. He claims that Ripple will come out as a winner against the SEC and believes that the lawsuit will not get into settlement. This is because as per Garlinghouse the settlement will happen only when SEC accepts XRP is not a security.
XRP Lawsuit To Settle By June
These claims were made on Jan 18, during an interview with CNBC at the World Economic Forum in Switzerland. Brad Garlinghouse’s statements come as he believes both the parties have given their complete brief about their arguments.
When Garlinghouse was questioned if Ripple will wait for the judiciary’s decision, Brad showed strong trust towards the judge’s decision. He also mentioned how important the lawsuit is for the crypto industry, especially in the US.
Furthermore, Ripple CEO briefed about SEC’s behavior throughout the lawsuit as he asserted that the SEC’s approach has been embarrassing. Brad then said that the SEC filed the lawsuit even when Ripple approached the agency to meet them to seek regulatory clarity.
The similar statement has also been mentioned by attorney John Deaton where he has stated that the lawsuit will not see any settlement.
Now, the Ripple vs SEC lawsuit all depends on the Judiciary’s decision during its next hearing.