Brad Garlinghouse, CEO of Ripple Labs, said yesterday during the DC Fintech Week event that he expects the Ripple Court and the US Securities and Exchange Commission to announce their decision in the first half of 2023. Ripple now has the upper hand in this lawsuit, he says.
To Report Cryptopotato, Garlinghouse said:
I imagine that in the first half of 2023 your answer [از دادگاه] we will receive Now, whether this will happen in the first quarter of 2023 or the second quarter, it will be determined later.
In December 2020, the American Bruce Commission officially sued Ripple for violating the securities law in this country. This government organization initially claimed that Ripple and two of its managers earned $1.3 billion from the sale of “XRP” tokens in the form of unregistered securities between 2013 and 2020.
This action surprised the Stock Exchange Commission, Ripple and other people active in the digital currency industry; Because almost until the formalization of this organization’s complaint, there was no sign of the US Securities and Exchange Commission officials becoming sensitive to Ripple’s activities.
During this lawsuit, Ripple claimed that it did not violate US securities laws; Because XRP tokens are basically not securities. Garlinghouse went on to argue that the SEC specifically chose their company for this. He once said that a regulatory body should not have the ability to dictate what a technology looks like regardless of the rules (referring to considering XRP as a security); Especially when their decisions directly benefit China.
The parties have been in court since 2021, and Garlinghouse believes they have the upper hand in the case. According to Ripple’s CEO, if the US Securities and Exchange Commission wins this case, their company will have to leave the United States. He says that Ripple has so far limited its activities to the United States, and on the other hand, the XRP token is not liquid in this country.
Last month, Ripple managed to get access to the internal files and documents of the US Securities and Exchange Commission from the court. The documents include emails and drafts related to a 2018 speech by William Hinman, a former director of the Exchange Commission.
The American Stock Exchange Commission initially tried not to present these documents in court; Because it contained Hinman’s comments about the legal status of Ethereum, in which it was said that Ether is not considered a security like Bitcoin.
Yesterday, the CEO of Ripple Labs once again pointed out that the complaint against Ripple is an attack on the entire digital currency industry, and the result will determine the future of this sector.
He said about this:
This case concerns the entire digital currency industry and everyone confirms that [نتیجه آن] How important is it?