Ripple Vs SEC Case, Brad Garlinghouse: We Are Optimizing Done In 2023

Ripple boss is optimistic that his side will win against the SEC in court. (Photo; Doc. Coin-Turk)

JAKARTA Ripple has faced a lawsuit from the US Securities and Exchange Commission (SEC) for allegedly selling unregistered securities. The Ripple vs SEC feud has been going on for more than a year, starting in December 2020.

According to a recent report, Ripple CEO Brad Garlinghouse said it was optimistic it would win a feud with the SEC. He also predicts the case will be completed this year.

This statement was made by Garlinghouse at the World Economic Forum which was held at the Swiss Davos recently. Although optimistic that his party won, for now he chose to see the development of the case.

"We are optimistic that this will definitely be completed in 2023, and maybe in the first half. So we'll see how it develops. But I feel very good about our position towards law and facts," Ripple CEO Brad Garlinghouse told CNBC.

For additional information, the SEC filed a lawsuit against Garlinghouse, Ripple, and co-founder Chris Larsen in December 2020 over the sale of XRP which regulators claimed was an unregistered securities offering. Ripple insists that XRP is not a security. Both the SEC and Ripple filed their final summary in December last year, seeking a summary of the ruling on the case.

Ripple CEO Brad Garlinghouse stated that he expects the decision from the SEC's lawsuit against the company to arrive in the next few months. The lawsuit filed by the SEC in December 2020 states that Ripple's sale of XRP is an unregistered securities offering. However, Ripple insists that XRP is not a security.

Garlinghouse added that he did not expect his company to resolve the issue with the securities regulator. He also stated that the SEC and its new head, Gary Gensler, openly said that almost all cryptocurrencies are considered securities, so there is little room for completion.

"We've always said that we're eager to solve it, but it requires one very important thing, and it's that, continuously, it's clear that XRP is not a security," Garlinghouse said.

Stressing the importance of Ripple's lawsuit, Garlinghouse said on Wednesday: "Something I've heard here in Davos over and over again is how important this is, not only for Ripple... but also, really, the entire crypto industry in the United States."

"I keep reminding people that outside the United States, crypto is still developing, Ripple is still developing, and we have to make sure that we continue to involve non-US regulators as well," he added.