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Head of Ripple, Brad Garlinghouse, speaks in an interview with CNBC’s “Squawk Box Europe” at the World Economic Forum in Davos, Switzerland.
In the interview, Garlinghouse stated that he hoped a resolution would be reached in his spat with the US Securities and Exchange Commission (SEC). in the first half of 2023.
Previously, the SEC initiated a lawsuit against Ripple in 2020, alleges that the company and its executives are illegally selling XRP to investors without first registering it as collateral. Ripple’s native currency XRP created in 2012.
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“The judge takes how long the judge takes,” said Garlinghouse, and added:
We are optimistic that this will definitely be resolved in 2023, and maybe in the first half. So we’ll see how it goes from here. But I feel really good about where we are relative to the law and the facts.
Ripple disputed the claims, saying the tokens should not be construed as an investment contract and used in its business to facilitate cross-border transactions between banks and other financial institutions.
In December, Ripple and the SEC filed last round of their shorts seeking a summary judgment for the case, each accusing the other of breaking the law.
The judge can make a decision in favor of one of the parties, avoid trial, or take the matter before a jury. Garlinghouse said he expected a decision to come “in the coming months”. Probably June at the earliest. he added it he doesn’t expect the company to settle his case, though he remains open to the prospect.
The outcome of the lawsuit has important implications for Ripple and the wider crypto market, as it will determine whether or not XRP should be treated as a security. Garlinghouse strongly rebuked the SEC’s legal battle with his company, saying the agency’s behavior has been “disgraceful” so far.
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