JAKARTA The legal feud between blockchain-based cross-border payment companies, Ripple, and the US Securities and Exchange Commission (SEC) is just waiting for the final court verdict. The trial of the Ripple vs SEC case in court has taken more than two years.
For information, in December 2020, the SEC filed a lawsuit against Ripple on charges of unregistered securities sale. In this context, the SEC included XRP, a cryptocurrency published by Ripple, into the securities category. Ripple rejected the allegation by dragging the statement of SEC official Bill Hinman regarding securities and commodity categories.
In fact, at that time Ripple planned to go public on the stock exchange as Coinbase did. However, the plan had to be delayed due to obstacles from US regulators. Since then, trials of both parties have taken time to drag on, due to the lack of clarity on crypto regulations in the US.
On the other hand, Ripple CEO Brad Garlinghouse recently issued a statement regarding the case. Garlinghouse believes Ripple's feud with the SEC will be over in the near future. This was conveyed by Ripple's boss in an interview with Tai Panich, CEO of SCB 10X, a technology investment company.
Citing TheDailyHodl's report, Garlinghouse expressed its belief that Ripple's success in the ongoing lawsuit will have significant implications for the overall cryptocurrency industry. Based on the latest developments related to the former SEC Finance Director, William Hinman, and his speech stating that Ethereum (ETH) is not included in the securities category, Garlinghouse hopes the court's decision will come out in a few weeks.
"Regarding the current situation, I will try not to discuss legal issues too often. You are right, I feel very confident that we will see a decision from the court this year. In fact, I think I could guess it will happen in a matter of weeks, not months," said Brad Garlinghouse.
| TEKNOLOGI 04 Mei 2023, 17:30
There have been several decisions that have occurred last week that you may have read. The judge decided against the SEC's attempts to extract certain information, a kind of well-known speech delivered by Corporate Finance Director Bill Hinman at the time, who spoke about why ETH, in his view, was not a security, "he added.
Ripple's Commitment To Completing The Feud
Last week, the court ruled that Hinman's documents, including his records and emails, would be made public on June 13.
"So I think this is a big win for transparency. But what really calls for is, there is no clarity, despite calls and demands from leaders across the crypto industry," Garlinghouse said.
Ripple's CEO remains committed to resolving the feud with the SEC. On the other hand, he also acknowledged that the ongoing conflict with US regulators and the lack of clarity on crypto relegulation in the US had a negative impact on the crypto industry in Uncle Sam's country.
"Ripple decided to stay and fight this fight, both for Ripple and the entire industry. We have spent a lot of money defending it. And I think what we have called for to governments in the United States, and especially the SEC, which prioritizes politics over smart policies. Therefore, you see entrepreneurs going abroad, you see companies like Ripple - most of our employees from outside the United States. Most of our customers... are non-Americans. I think this is predictable and that's what will happen. "
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