Brad Garlinghouse (the CEO of Ripple) stated that the exchange is adequately advancing in its defense against the SEC in the lawsuit thereof. He added that the respective case will not be concluded at any time before the coming year. In his statement, Garlinghouse remained very optimistic about their position in the case by saying that it will take the due time as it has taken previously; nonetheless, he was expecting it to end earlier. He further mentioned that presently they are witnessing a quite remarkable performance in their case with some relatively good questions that the judge asked regarding Ripple.
A gist of the case
Ripple has been accused by the SEC to have illegally conducted an offering of securities through selling the native token thereof called XRP, by which up to $1.3B were raised. The company has strongly disagreed with it to be an ICO, thus generally, has made a solid position contrary to the SEC’s assertions. Although the case has been oscillating between the two sides, Ripple and SEC have determinedly followed their respective stances. In a most recent time, some clear evidence has been provided by the lawyers of Ripple, and the exchange submitted a letter stating that the Securities Department has been careless in dealing with the requests filed for admission.
The legal team of Ripple has additionally mentioned that no plan has been made by it to carry out a settlement with the Securities Department, which signifies Ripple’s strong belief in the rightfulness of its standpoint. However, a thorough relief would be brought about for the investors as well as the market by the conclusion of the case in the coming year. Meanwhile, some partnerships have been made by Ripple with sustainability frontrunners for incorporating support for NFTs to enhance the capabilities thereof.
SEC vs. Ripple case, included in the prominent lawsuits
The case has been categorized among the prominent cases across the market. Numerous headlines have been made about the motions, depositions, as well as stubbornness of both Ripple and SEC during the case. With a likely conclusion to occur in the coming year, Ripple appears to start a new epoch. The exchange has revealed that it will most preferably consider an IPO after the case’s conclusion. As the IPOs under the firm are well acknowledged, the move could heighten Ripple’s progress.