After such a long-drawn legal battle on the settlement of the XRP lawsuit against Ripple Labs, its CEO Brad Garlinghouse believes a conclusion will be reached soonest in its lawsuit with the U.S. Securities and Exchange Commission (SEC).
According to an interview at the World Economic Forum in Davos, Switzerland, Brad condemned the SEC’s legal battle with his company saying their attitude towards the case so far has been mostly “embarrassing”.
Irrespective of how the regulators handle the issue on the ground, Brad in the interview on Wednesday said he is positive that the case with his firm will be resolved this year, hopefully before the end of the first quarter.
However, the CEO is glad about the way things are playing out with his case with regard to the law and facts and he is positive about a favorable outcome.
Plausible Outcome of the Ripple and SEC Case
The case with Ripple and SEC started in December 2020 when the regulator filed a lawsuit against Ripple Labs and its executives for the sales of XRP which it alleged is an unregistered security. In its defense, Ripple made several arguments stating that the regulator has never mentioned that XRP qualifies as securities, much less an unregistered one.
According to Brad Garlinghouse, the regulator filed the lawsuit despite its numerous attempts to seek regulatory clarity. He added that the outcome of the case has great implications for the broader crypto ecosystem.
Meanwhile, earlier this year, John Deaton, the pro-XRP attorney predicted that the case between the American technology company and SEC will most likely get a court judgment as a settlement between both parties is very unlikely. Although many XRP holders were optimistic that the U.S SEC may likely choose a settlement in its lawsuit in order to bring the case to a close.
The arguments between both parties have taken them in and out of court on several occasions. At a point, Ripple and SEC agreed to a summary judgment as they cited that Analisa Torres, the presiding judge over the lawsuit, had enough documents and information at her disposal to make a verdict.
Nonetheless, lots of community members have voiced their opinions on how they believe the Ripple vs XRP case would end. Some are in support of the regulator while a larger percentage are backing up Ripple Labs.