Ripple CEO Brad Garlinghouse has expressed confidence that the court will make a final decision on the ongoing XRP lawsuits ahead of schedule.
Earlier this week during the 2023 Redefine Summit, Garlinghouse highlighted Ripple’s determination to fight for clarity and transparency in the cryptocurrency industry, noting that its nearly 3-year legal battle with the SEC was nearing an end .
,In terms of the situation today, I am quite confident that we will see a decision from the courts this year … I would guess in weeks, not months,” Garlinghouse said.
Notably, as recently as a week ago at the Dubai Fintech Summit, Garlinghouse said he expects the case to be concluded within two to six months.
The CEO’s optimistic statements follow a recent ruling in which Judge Analisa Torres denied the Securities and Exchange Commission’s (SEC) request to seal internal documents related to William Hinman’s speech. The speech in question addressed why Ethereum (ETH) is not considered a security. The court ruled that the notes and emails attached to the speech should be made public on 13 June, a move hailed by Garlinghouse as “a huge victory for transparency” during the interview.
Despite the ongoing legal battle and lack of regulatory clarity, Ripple has chosen to persevere and fight for its interests and that of the entire crypto industry. Garlinghouse acknowledged that the lawsuit had taken a financial toll, stating,We’ve spent a lot of money defending this, and I think what we’ve called out is that the government of the United States and the SEC in particular are putting politics ahead of smart policy.
Garlinghouse highlighted the frustration felt by many entrepreneurs in the crypto industry due to the actions of the SEC and other government agencies, which has led some to relocate their operations overseas. “Because of that, you’re seeing entrepreneurs go overseas. Most of our hiring isn’t in the US right now. Most of our customers are non-US.” He added.
Elsewhere, pro-Ripple lawyer Jeremy Hogan also expressed confidence in a quick conclusion to the trial in a tweet on Tuesday, May 23. According to the lawyer, Judge Analisa Torres is not bound to wait for the redacted documents to be released before making a decision. However, he suggested that she may choose to do so, adding,I won’t be able to hold my breath till after 13th June.
Filed by the SEC in December 2020, the XRP lawsuit alleges that Ripple executives, including Chris Larsen and Brad Garlinghouse, violated securities laws by selling XRP without proper registration. In contrast, Ripple continues to argue that XRP is a digital currency and not a security.
While Ripple has won several victories in court over the past year, it remains to be seen whether the final verdict will be in its favor, which, if so, would be a huge victory for the entire crypto industry.