Ripple, the company behind the XRP
XRP
In late 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple, accusing the company of selling $1.3 billion in unregistered securities via its XRP cryptocurrency, dragging on the XRP price even as bitcoin saw a massive price rally that some think could be about to restart.
Now, Ripple chief executive Brad Garlinghouse has predicted the case will conclude in “weeks not months”—boosting the XRP price by 10% over the last week as the bitcoin price drops.
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Ripple has been locked in a long-running legal battle over whether it illegally sold XRP, weighing … [+]
“I feel very confident that we’ll see a decision from the courts this year,” Garlinghouse told Tai Panich, the chief executive of technology investment company SCB 10X, in a YouTube interview. “In fact, I think I would guess that it will be in weeks, not months.”
Garlinghouse also pointed to recent courtroom developments that he sees as a “huge win for transparency” and pointed to June 13 as a potential date to watch for the public release of documents.
“The judge ruled against the SEC’s effort to redact certain information, a very kind of infamous speech that the then director of corporate finance Bill Hinman gave, talking about why ETH
ETH
“The court just ruled last week that the notes in the emails associated with that are going to be made public, and should be public around June 13. So I think that’s a huge win for transparency. But what it really calls out is, there really hasn’t been clarity, despite calls and demands from leaders across the crypto industry.”
Ripple’s two-year legal battle with the SEC has garnered support from the crypto community due to the widespread belief U.S. regulators are unfairly targetting cryptocurrencies and crypto companies while failing to provide clarity.
While crypto exchange Kraken and crypto lenders such as BlockFi have settled with the SEC, Ripple chose to go to court.
“Ripple decided to lean in and fight this fight, both for Ripple and the whole industry,” Garlinghouse said. “We’ve spent a lot of money defending it. And I think what we’ve called out is the government in the United States, and the SEC particularly, is putting politics ahead of smart policy.”
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The XRP price has failed to keep pace with the bitcoin price over the last few years, which has now … [+]
Garlinghouse added that this approach is pushing U.S.-based crypto companies overseas, with the likes of major exchanges Coinbase and Gemini both exploring alternatives to their U.S. headquarters in recent months.
Earlier this month, Ripple announced the development of a central bank digital currency (CBDC) platform that will allow central banks, governments, and financial institutions to issue their own digital currency.
