Ripple CEO Garlinghouse Believes XRP Lawsuit Could Be Resolved This Year

May 4, 2022 2:06 pm Comments

Ripple CEO Brad Garlinghouse once again gave a confirmation of his own belief on how the lawsuit with the SEC is going and when he believes it could end.

As the lawsuit is getting closer to the two year mark, Garlinghouse reveals that it would most likely get resolved before then which means sometime near the end of the year.

Garlinghouse has commented in interviews with Fox before that the case “has gone exceedingly well” given the fact that this case would most likely set a precedent for the rest of the crypto industry.

This is because whether or not XRP is declared a security or not in this case would likely be used again and again in all future lawsuits that the SEC might have with other digital assets.

CryptoPotato reports:

“The case has gone quite well, a lot of it has been skirmishes around discovery. But it’s clear that the judge understands that this is an important case and it is going to be a precedent. Now we’re getting close to summary judgment filings. Everything will be before the judge now by the end of November,” he said.

When asked if he believes the case will be concluded this year, Garlinghouse said, “That’s an optimistic view, but it’s not impossible.”

Earlier in April, Judge Annalise Torres had modified the summary judgment briefing schedule. Based on the new one, the motions for summary judgment presented by both parties must be fully briefed before November 15.

Subsequently, the judge would review the case and announce a verdict. According to Garlinghouse, the climax of Ripple’s legal battle with the SEC will depend on how long the judge takes to review the case.

Garlinghouse then continued to voice his opinion on the fact that the SEC is trying to delay the case as long as possible which many XRP holders have also observed.

Specifically, he critiqued some of the talking points of Gary Gensler and stated that they did not make any sense.

The fact that the SEC had brought this case against Ripple means that technically it would be in the SEC’s best interest to move forward with the case as soon as possible.

Gensler even says the quote “just delayed is justice denied” and yet the SEC is the one doing the delaying which is what Garlinghouse had pointed out.

Binance reports:

“He said a lot of things that I think are talking points that don’t really make a lot of sense. He says ‘justice delayed is justice denied’.

Yet, they brought this lawsuit against Ripple and every possible juncture they have sought to delay the case and we’re trying to move as quickly as we can, we’ll continue to move as quickly as we can,” he said.

Meanwhile, Joseph Hall, an attorney who formerly worked at the SEC, said in February that Ripple seems to have the upper hand in the lawsuit.

According to Hall, there was no good reason for the Commission to file a case in the first place, and there is a “pretty good chance that they [SEC] lose all the merits” in the end.

With Garlinghouse still holding a fairly optimistic view of the case ending relatively soon and in Ripple’s favor, many are speculating the timing of when XRP’s price will truly react within this timeline.

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