Brad Garlinghouse assured that Ripple remains firm and that the result of this dispute could be very positive, not only for the company but for the crypto world in general.
The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) could finally meet its end in 2022. This information got revealed by the CEO of the company, Brad Garlinghouse.
Garlinghouse stated that the situation with the SEC could end with a favorable result not only for the company but for the industry in general.
Dispute Between SEC and Ripple Could Reach its End in 2022
Garlinghouse’s statements arrived during an interview led by CNBC, where the manager indicated that although the trial has been experiencing a slow process, it has undoubtedly made good progress.
While many legal processes can take entire months and sometimes even years, it is clear to the Ripple CEO that this case could reach its end next year. The CEO said the dispute started when the US entity accused the company of selling unregistered securities back in 2013.
Regarding the repercussions of the case, Garlinghouse highlighted that the current dispute goes far beyond the fate of Ripple as it could include the entire cryptocurrency ecosystem.
This problem could cause serious damage to the crypto environment because the SEC would be attributing misleading judgments to the nature of the XRP, which it could do with any other active crypto asset.
the SEC is Wrong About XRP being a security
The first allegation by the SEC is that the XRP token traded by Ripple would come to be a security. However, Garlinghouse repeatedly rejected this allegation, assuring that those who own the digital currency do not have shares linked to the company so that its operation and existence work in separate ways from the company.
However, during the dispute in court, the SEC tried to make visible that Garlinghouse and the other executives went ahead with the intentions of pre-selling XRP despite knowing that the regulator could have conflicts with it.
On the other hand, the Ripple team alleges that the government entity never ruled on the matter and that it only made such allegations seven years after the pre-sale ended, an argument that would invalidate the complaint filed.
Regarding the case, even though both sides have recorded some victories, the global balance of profits seems to benefit Ripple, which has managed to invalidate various allegations presented by the SEC at the time.
The dispute generated such controversy that even XRP users asked the court to participate in the trial and highlight how the measures promoted by the regulatory entity harmed their commercial activities.
When the dispute began, certain reputable exchanges opted to remove XRP from their commercial listings, which harmed the token’s price in the main international markets. But at the moment, the digital currency is trading at approximately USD 1.05 per unit, and capitalizing on slight gains of 0.5%.
By: Jenson Nuñez
