SEC process going “much better than hoped”
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According to CEO Brad Garlinghouse, Ripple is gradually gaining the upper hand in the lawsuit against the US Securities and Exchange Commission (SEC). However, an end to the legal dispute is not yet in sight.
- Ripple coo Brad Garlinghouse has described the progress of the lawsuit against the U.S. Securities and Exchange Commission (SEC) as positive in an interview during Paris Blockchain Week.
- “The process has gone extraordinarily well, much better than I could have hoped for when it started about 15 months ago,” Garlinghouse said.
- The subject of the litigation, which has been ongoing since late 2020, is the regulatory status of the cryptocurrency XRP issued by Ripple.
- According to the SEC, XRP is an unregistered security. Accordingly, Ripple was guilty of unauthorized securities issuance.
- The lawsuit is seen as a precedent for cryptocurrency issuance.
- Attorney James Filan spoke a few days ago of a “very big victory” for Ripple after the judge in charge, Sarah Netburn, denied a motion by the SEC.
- In it, the agency had sought to keep documents under seal in which former SEC Director William Hinman stated that Bitcoin and Ethereum are not securities.
- But there is no end in sight to the litigation.
- “The wheels of justice move slowly,” Garlinghouse explained.
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