Fintech company Ripple is making great strides in a regulatory battle with the US Securities and Exchange Commission, CEO Brad Garlinghouse told CNBC on Monday.

Garlinghouse – CEO of Ripple

Garlinghouse hopes the lawsuit against XRP, the world’s seventh largest cryptocurrency, will likely end next year.

“We are making good progress, even if the legal process is slow. Obviously we see that the judge is asking very good questions. And I think it is clear to the judge that this is not just about Ripple, but that it has far-reaching effects. ”

San Francisco-based Ripple caused quite a stir during the crypto boom in late 2017 and 2018 when the prices of Bitcoin, Ether, and other cryptocurrencies soared.

XRP is a token closely related to Ripple that benefited from that rally, reaching an all-time high (ATH) of $ 3.84. Since then it has fallen significantly and has not yet been able to return to this level and is also the only coin that has not been able to set a new ATH.

Source: TradingView

Ripple’s technology was developed to enable banks and other financial services companies to move money across borders faster and at lower cost. The company also markets another product called ODL that uses XRP for cross-border payments.

The SEC is concerned about Ripple’s relationship with XRP, accusing the company and its executives of selling $ 1.3 billion worth of tokens in an unregistered securities offering. However, Ripple argues that XRP shouldn’t be considered a security, a classification that would put it under much more stringent regulatory scrutiny.

The lawsuit comes as regulators around the world scrutinize cryptocurrencies, a market that remains largely unregulated but has regained popularity over the past year.

Garlinghouse said the United Arab Emirates (UAE), Japan, Singapore and Switzerland are prime examples of “leading regulation” of cryptocurrencies, while China and India have cracked down on them.

“Overall, the direction is very positive,” added Garlinghouse.

Brady Dougan, former CEO of Credit Suisse, said regulation is a key factor in crypto that is likely to evolve over time.

“It is a market that is only just beginning to develop. I think it’s a healthy market and it will continue to grow in a positive direction. ”

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