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Brad Garlinghouse, CEO of Ripple, claimed that his company is getting closer to the conclusion of its protracted legal struggle with the Securities and Exchange Commission (SEC).
"Why did the SEC go after XRP kind of first…? You know, in some ways, you look at that now and you say we're almost at the very very end of that journey," he stated.
Ripple CEO Uncertain on Litigation Timeline, Emphasizes Regulatory Clarity for XRP in U.S.
Garlinghouse is unaware of the precise day on which the litigation will be decided; however, he joked that the 21st of September is "the end of summer."
"The judge will make the decision when she makes the decision. My estimation is sometime before the end of the summer. Somebody asked me if it would be by the end of August. I pointed out that Sept. 21 is the end of summer, so I don't know," Garlinghouse said, as per U.Today.
According to Ripple's CEO, XRP is uniquely positioned in the United States due to the clarity of regulatory requirements. "XRP in the US is one of the few things we can say definitively is not a security with ETH, I don't know how this is going to play out," he explained.
"The US market remains frankly a lagger you know, uh the US regulatory environment even though Ripple is at the tail end of that," Garlinghouse added. As the head of the Securities and Exchange Commission (SEC), Gary Gensler has been accused of being "pretty hostile" toward cryptocurrency by the CEO of Ripple.
Ripple's CTO Highlights Global Opportunities Amid Ongoing U.S. Regulatory Challenges
David Schwartz, Ripple's Chief Technology Officer, has stated that the United States market continues to be an important and critical component; however, he has also mentioned that regulatory challenges are far more manageable on a global scale and that business outside the United States is doing very well.
Ripple, which is based in San Francisco, is now involved in a dispute with the United States Securities and Exchange Commission on the amount of fines and penalties that the business is required to pay.
As part of the move for judgment and remedies submitted by the SEC on May 14, Ripple submitted a motion to seal certain documents included in the motion.
