Ripple CEO Brad Garlinghouse expects the court to decide on the SEC case within ‘weeks’. Their statement came at the ReDEFiNe Tomorrow 2023 conference, where key DeFi and Web3 players attended.
Ripple lawsuit could end “in weeks, not months”
CEO Brad Garlinghouse predicted in his speech at the ReDEFiNe Tomorrow 2023 conference that the Court would decide its case with the SEC “in weeks, not months.” Garlinghouse had previously congratulated the court’s decision regarding the Hinmann documents.
At the conference, he said, “I am confident we will see a decision from the court this year. In fact, I will predict this after weeks, not months.”
According to a video shared by Alpha Lions Academy CEO, Garlinghouse previously predicted that a decision would be made within six months. However, his views seem to have changed after Judge Analisa Torres rejected an attempt to seal documents related to former SEC official William Hinman’s 2018 speech in which he expressed his opinion on cryptocurrency classification.
The judge ruled that the documents should be made public because they are “relevant to the exercise of the judicial function and useful in the judicial process.” Ripple has been in a legal battle with the SEC since December 2020 for selling unregistered securities.
Garlinghouse highlights lack of regulation
Meanwhile, Garlinghouse says the Court’s decision not to accept the SEC’s request is a big win for transparency. He also added that he expects the documents to be made public by June 13.
According to Garlinghouse, the decision was indicative of a lack of regulatory clarity in the United States, despite several attempts to mobilize regulators.
Ripple, Coinbase and other exchanges argue that the current regulatory environment in the US is not suitable for the industry. However, the SEC argues that it does not have to create new regulations specifically for the crypto industry.
SEC puts “politics before smart policy”
Ripple CEO stated that the US government and SEC “put politics before smart policy”. However, he continued to push several crypto firms into friendlier jurisdictions. “This is why you see entrepreneurs going abroad,” Garlinghouse says at this point.
In terms of context, Garlinghouse said most of his company’s new employees and customers are from outside the United States. It is expanding its operations due to the uncertain regulatory environment at other US-based exchanges such as Coinbase and Gemini. Gemini co-founder Cameron Winklevoss said regulatory hurdles in the US are making it “hard to do anything”.
cryptocoin.com As a result, we mentioned that the XRP price has priced the positive developments from the case throughout the week. Currently, XRP bulls are trying to maintain the uptrend from last week. Cryptocurrency market was in a difficult situation after Janet Yellen’s statements yesterday.
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