Brad Garlinghouse, head of cryptocurrency and blockchain company Ripple, has said that a settlement will be reached in the first half of 2023 in the case with the US Securities and Exchange Commission. He now reiterated that a verdict in the case is expected this year.
Ripple CEO expects the case to be settled this year!
Brad Garlinghouse, a defendant in the legal drama, said at the World Economic Forum in Davos, Switzerland in January, “We are optimistic that this will definitely be resolved in 2023 and perhaps in the first half. So we’ll see how it plays from here. But I feel very good about where we are in terms of law and reality.” Garlinghouse repeated his similar views today and spoke confidently that the case will be decided within this year.
cryptocoin.comAs you follow, the US Securities and Exchange Commission filed a lawsuit against Ripple in 2020 alleging that the company and its executives illegally sold XRP to investors without registering them as securities. Ripple disputes the claim, saying that the token should not be considered an investment contract and is used in its business to facilitate cross-border transactions between banks and other financial institutions.
SEC boss: Majority of cryptos are securities
In December, Ripple and the SEC respectively filed their final briefs, accusing each other of bending the law, seeking a summary judgment on the case. The judge may rule in favor of both parties, avoiding a trial, or bring the matter before a jury. Garlinghouse said he expects a decision to arrive “sometime in the next single-digit months” – potentially in June. He added that although he was open to prospects, he did not expect the company to settle the case.
“We always said we would love the deal,” Garlinghouse said in his January speech. But this requires something very important, and it is clear that going forward, XRP is not a security. The SEC and Gary Gensler have made it very clear that they see almost all cryptocurrencies as securities. And that leaves very little room in the Venn diagram for layout,” he said.
Speaking at different events, Gary Gensler says the ‘vast majority’ of cryptocurrency tokens are securities. As you may recall, he recently implied that Ethereum could also qualify as a security. Gensler also said that crypto ‘staking’ mechanisms that reward users who deposit their tokens in secure Blockchain networks with interest-like payments should count as securities offerings. “Because the ‘investing public’ expect profit, it’s based on the efforts of others,” he explained. Meanwhile, Ethereum, the network behind the world’s second-largest cryptocurrency, switched to a PoS system, or just such a model, with The Merge upgrade last year. The only cryptocurrency that the agency has made clear that it does not consider it a security is Bitcoin. Gensler previously stated that the world’s largest cryptocurrency ‘has no group of individuals’, meaning investors ‘do not stake’ a broker.
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