Ripple CEO Brad Garlinghouse has offered an update on the SEC lawsuit, saying there was good progress. He expects a conclusion next year, which may even spark IPO plans that have been mentioned in the past.
Ripple CEO Brad Garlinghouse, speaking to CNBC on Nov 23, said that the company is making “good progress” in its lawsuit with the SEC. He also stated that the case should be decided sometime next year.
Garlinghouse appeared optimistic enough, saying that the case was taking time but that he was hoping for an end soon. He said,
We’re seeing pretty good progress despite a slow-moving judicial process. Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.
The SEC has alleged that Ripple unlawfully conducted a securities offering through its XRP sale, which raised approximately $1.3 billion. The firm has firmly denied that this was an ICO, and in general, has taken a strong position against the SEC’s claims.
In a case that has gone back and forth multiple times, both the SEC and Ripple have aggressively followed up on their cases. Most recently, Ripple’s lawyers provided some strong evidence, and the company filed a letter saying that the SEC has been negligent in handling Requests for Admission.
Ripple’s legal team has also said that it does not plan on settling with the SEC, which is a mark of how strongly it believes it is in the right. In any case, a conclusion next year would bring much relief to both the market and investors. In the meantime, Ripple has been partnering with sustainability leaders and adding NFT support to bolster its capabilities.
Ripple vs. SEC lawsuit, one of the biggest cases
The lawsuit has been one of the highest-profile cases on the market. It has frequently made the headlines for its depositions, motions, and stubbornness on the part of both the SEC and Ripple.
With a potential conclusion next year, Ripple could potentially begin a new era. The company has stated that an IPO is highly likely after the conclusion of the case. With crypto company IPOs doing fairly well, this could be a real boost for Ripple.
Recently, Ripple even announced that it would be helping in the development of a digital pound CBDC in the United Kingdom.