Ripple CEO Brad Garlinghouse told CNBC during the Paris Blockchain Week Summit (PBWS) that the company is likely going to win its never-ending court battle with the United States Securities and Exchange Commission (SEC).
Ripple CEO: The Wheels of Justice Move Slowly
Recall that the U.S. regulator officially sued Ripple in December 2020, accusing the company and its executives of violating securities laws. The SEC alleged that Ripple conducted an unregistered securities offering when the company sold billions of XRP tokens to U.S. investors.
Ripple, however, disputed the SEC charges, saying that XRP should be treated as a digital currency such as Bitcoin and Ethereum and not as an investment contract like stock.
The legal battle has lasted for about 15 months, but Garlinghouse believes there’s hope for a positive outcome.
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago. But the wheels of justice move slowly,” Garlinghouse said.
A Lot at Stake in Ripple vs. SEC Case
According to Garlinghouse, there is quite a lot at stake in the lawsuit and it is not just for Ripple, but for all the crypto-related firms in the United States and the world.
If Ripple wins the case against the SEC, it will be a big win for the project and the crypto industry in general. However, should Ripple lose the case, it would negatively affect the crypto space as most tokens would be considered as securities.
Although there is no specific date for the final hearing, Ripple’s legal adviser Jeremy Hogan shared a document last month confirming that the end of the case is near. The document suggests that the legal battle could end anytime between August 26 and November 18, 2022.
Meanwhile, Ripple is not the only crypto company under the SEC’s probe for selling unregistered tokens. Coinfomania reported last month that the regulator slammed leading crypto exchange Coinbase with a $5 million class action for promoting the sales of unregistered securities.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!