Ripple CEO sets deadline for finalizing SEC proceedings

According to the CEO of Ripple, the case against the Securities and Exchange Commission is nearing completion.

Ripple CEO Brad Garlinghouse has expressed optimism that the ongoing lawsuit between his company and the Securities and Exchange Commission (SEC) will reach a resolution in the first half of 2023. The lawsuit, which was filed by the SEC in December 2020, alleges that Ripple raised And its top executives, Brad Garlinghouse and Chris Larsen, raised more than $1.3 billion through the sale of unregistered securities in the form of XRP, the cryptocurrency associated with the company.

The lawsuit caused great uncertainty for Ripple and its customers, as well as the cryptocurrency industry in general. Several exchanges have canceled XRP and the price of the token has dropped significantly since the lawsuit was filed. If the SEC wins the lawsuit, it could have significant implications for other cryptocurrencies that are considered securities.

However, Garlinghouse’s recent comments indicate that the company is confident in its legal position and believes it could reach a settlement with the SEC. This would likely involve Ripple agreeing to pay a fine and implement some compliance measures, but would allow the company to continue operating and the XRP token to continue trading.

Speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Jan. 18, Garlinghouse shared his hopes for an end to the court dispute:

We are optimistic that this will certainly be resolved in 2023 and possibly in the first half. So we’ll see how that goes from here. But I feel pretty good about where we are in terms of the law and the facts.”

The fact that Garlinghouse is optimistic about a resolution in the first half of 2023 is a positive sign for Ripple and its clients, as it indicates that the company believes the process will not last for years. Moreover, it could also provide a sense of clarity to the broader cryptocurrency industry, as the decision in the process could help set some regulatory guidelines for other cryptocurrencies that are considered securities.