Ripple Vs SEC Lawsuit Takes a Positive Turn: Here’s What Next
In the ongoing Ripple-SEC case, all motions have been thoroughly briefed, and the judge’s judgment is expected, according to James K. Filan’s most recent updates. Ripple and the SEC submitted their final round of briefs in December, requesting the court to grant them summary judgment.
Omnibus applications to seal documents related to the summary judgment motions have also been filed by both parties as the motions for summary judgment and those to exclude expert witnesses have now both been completely briefed.
The CEO of Ripple, Brad Garlinghouse, expressed hope at Davos that the company’s legal dispute with the Securities and Exchange Commission will be resolved in 2023, perhaps as early as this year.
He said, “We are optimistic that this will definitely be fixed in 2023, and possibly the first half. So we’ll see how it plays out from here. But I feel very good about where we are with respect to the law and the facts.”
In his subsequent statement, he says that he expects a decision to be made “sometime in the following single-digit months” – maybe as early as June. The dispute over whether XRP should be considered a security will have significant effects on both Ripple and the greater crypto market.
Garlinghouse then added, “We’ve always said we’d love to oblige, but it requires one very important thing, and that is that looking forward, it is clear that XRP is not a security. The SEC and Gary Gensler have openly stated that they view almost all cryptocurrencies as a security. And so that leaves very little room in the Venn diagram for settling.”
Gary Gensler, the chairman of the Securities and Exchange Commission, previously stated his views on cryptocurrencies, particularly Bitcoin, in a CNBC interview with the host of Mad Money Jim Cramer. Gensler specifically contends that cryptocurrencies are a very speculative asset class. In fact, the SEC chairman was quick to point out this speculative asset class’ ups and downs.
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