Ripple CEO anticipates response in SEC lawsuit over XRP in first half of 2023

Ripple CEO Brad Garlinghouse says he believes “we will have an answer in the first half of next year” on the US Securities and Exchange Commission (SEC) lawsuit over xrp. Holding that xrp is not a security, the executive emphasized that the case “is about the entire industry” and “Everyone recognizes how important this is.”

Ripple CEO expects a response in the first half of next year

Ripple CEO Brad Garlinghouse discussed the time frame of the US Securities and Exchange Commission (SEC) lawsuit over the sale of XRP during an event for DC Fintech Week, Bloomberg reported Tuesday.

While acknowledging that the pace of court proceedings is difficult to predict, Garlinghouse said:

I think we will have an answer in the first half of next year. Whether that’s the first trimester or the second trimester, we’ll see.

Garlinghouse further said on Tuesday that Ripple would consider a settlement with the SEC if the regulator declares that XRP is not a security. The executive emphasized that the XRP case “is about the entire industry,” adding:

Everyone recognizes how important this is.

Garlinghouse noted that Ripple’s business in the US is limited, noting that “for all intents and purposes, XRP is illiquid in the US.”

The SEC sued Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020, claiming they raised more than $1.3 billion through an unregistered ongoing digital asset security offering of XRP. Ripple subsequently filed a motion to dismiss the lawsuit, claiming that the XRP token is not a security. Meanwhile, the SEC has also asked the court to rule in its favor without a trial.

In July, Garlinghouse said, “I think the SEC has grossly overreached… I think they saw this gray area and said ‘hey, let’s go in.'” The Ripple boss reiterated: “It’s frustrating that it’s taking so long. I think there are a lot of companies that realize how important this case is to the entire industry.”

What do you think of Ripple CEO Brad Garlinghouse’s comments? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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