And the final gong – The CEO of Ripple Labs, Brad Garlinghouse, provides an estimated timetable for the end of the standoff between his company and the SEC.
Ripple against SEC: final rounds of the legal battle
The counting of points would therefore be about to begin. On October 11, at an event organized as part of DC Fintech Week, Brad Garlinghouse indicated that he expected a “response” from the court, concerning the dispute between Ripple and the SEC, in the first half of next yearin 2023. This verdict could fall as well “in the first quarter or in the second quarter”.
This legal tussle could thus only come to an end after more than two years. The case “affects the entire industry”, underlines Brad Garlinghouse, who reiterates that the SEC’s legal action against Ripple, is in fact an attack on the entire crypto industry.
In September, both Ripple and the SEC filed for summary judgment, which would save both parties from having to face a (longer) trial.
The regulator will have displayed a hostile attitude until the end, sticking to its position that XRP would be a security and that Ripple would in this case have sold unregistered securities.
Nonetheless, the recent court ruling that lays bare the SEC, compelling it to hand over to Ripple documents that argue against it, could send the regulator to the matat the time of the verdict.
The SEC failed to dominate this court match against Ripple. A defeat of the regulator could prevent future interpretations considered a little too expansive, of the securities regulations applied to cryptocurrencies. While waiting for the final gong to sound, the SEC has to deal with another case that pits it against an angry Grayscale after the agency blocked its spot Bitcoin ETF.
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