Ripple CEO Revealed Will Receive SEC Case Answers In First Half Of 2023

As for the SEC’s lawsuit against the crypto payments company, Ripple CEO Brad Garlinghouse said an answer can be expected as early as next year.

During the event for DC Fintech Week on October 11, Garlinghouse, Ripple‘s chief executive officer, said that it is difficult to predict the speed of court proceedings. However, he expects an answer in the US Securities and Exchange Commission’s lawsuit against his crypto payments company, Ripple Labs Inc., in the first half of next year.

“I think we’ll have an answer in the first half of next year,(…). Whether that’s the first quarter or second quarter, we shall see.” 

He said

The SEC sued Ripple in 2020. The regulator alleges that Ripple and its top executives misled XRP investors because they did not register the digital asset as a security and did not provide provide full disclosure. The lawsuit continued to persist into late 2022, and it looks like it will continue into early 2023.

However, recently the case has shown signs of ending as both sides seem to be losing patience. A Federal Court judge ordered the SEC to turn over the Hinman Documents in the ongoing Ripple case in early October. The SEC had previously opposed the order back in July, but the objection was dismissed. The ruling is seen as a major victory for Ripple and its backers in the case.

Ripple would consider a settlement with the SEC if the regulator states that XRP is not a security, Garlinghouse said Tuesday. The case “is about the whole industry” he said. “Everyone acknowledges how important this is.”

XRP price is recording a 1.46% drop in 24h and is currently trading at $0.4889.

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