In a recent Ripple SEC lawsuit update, Brad Garlinghouse, CEO of well-known cryptocurrency project Ripple made some exciting revelations. Garlinghouse revealed that the nearly two-year lawsuit with the US Securities and Exchange Commission (SEC) is nearing its climax and could be resolved before the end of the year. This could be very positive news if you are invested or plan to invest in Ripple (XRP).
Ripple SEC Lawsuit Nears its End
In an interview with Fox Business correspondent Charlie Gasparino, Ripple’s CEO commented that the company’s ongoing legal battle with the SEC has gone “pretty well.” He further noted that his company’s case will set an important precedent within the crypto space.
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He stated the following:
“The case went quite well, a lot of it being skirmishes around the discovery phase. But it is clear that the judge understands that this is an important case and that it will set a precedent. Now we are getting close to filing a lawsuit. Everything will now be in court by the end of November.”
When asked if he believes the case will be closed this year, Garlinghouse said: “That’s an optimistic view, but it’s not impossible.”
SEC Delays Case, says Garlinghouse
Earlier in April, Judge Annalize Torres had changed the briefing schedule for the summary judgment. Based on the new version, the motions submitted by both parties for summary proceedings must be completed before November 15.
The judge would then review the case and issue a ruling. According to Garlinghouse, the culmination of Ripple’s legal battle with the SEC will depend on how long the judge takes to adjudicate the case.
Garlinghouse pointed out that the US regulator has been trying to extend the case for as long as possible. He added that many of the comments made by SEC chairman Gary Gensler are incorrect.
These were his comments:
“He said a lot of things that I think are talking points that don’t really make sense. He says, ‘Justice delayed is justice denied’. Yet they have filed this lawsuit against Ripple and every time they have tried to delay the matter and we are trying to act as soon as possible, we will move forward as soon as possible.”
Meanwhile, Joseph Hall, an attorney formerly with the SEC, said in February that Ripple appears to have the upper hand in the lawsuit. According to Hall, there was no good reason for the Commission to file a case in the first place, and there is a “pretty good chance that they [SEC] will lose on all counts in the end”.
Update on SEC Lawsuit Against Ripple (XRP)
Hopefully this latest Ripple SEC lawsuit update will be positive for the price of XRP. If you’re an investor or are looking to invest in Ripple (XRP), I’m sure it is important to you to stay updated on the progress of this lawsuit.
You can rest assured that we will follow the progress of the Ripple SEC lawsuit and give you the latest updates on this blog.
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