According to Brad Garlinghouse, the chief executive officer of Ripple, the San Francisco-based cross-border, there has been good progress in the Ripple-SEC lawsuit.
In an interview with CNBC on 23rd November, Garlinghouse said he expects a conclusion to the lawsuit next year, which may even trigger Initial Public Offering (IPO), a plan that has seemingly been on hold since the legal tussle started.
In the course of the interview, Ripple’s CEO showcased optimism in relation to the lawsuit, stating that the lawsuit has indeed taken much time but hopeful of an end soon.
Brad Garlinghouse noted,
“We’re seeing pretty good progress despite a slow-moving judicial process. Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.”
Back in late December 2020, the United States Securities and Exchange Commission (SEC) alleged that Ripple unlawfully conducted a securities offering through its XRP sale, raising approximately $1.3 billion in the process.
As expected, the firm denied the allegation and has legally taken a strong position against the SEC’s claims.
Most recently, Ripple’s lawyers provided some strong evidence, and the company filed a letter saying that the SEC has been negligent in handling Requests for Admission.
Ripple’s legal team has also said that it does not plan on settling with the SEC, which is a mark of how strongly it believes it is in the right. In any case, a conclusion next year would bring much relief to both the market and investors.
In the meantime, Ripple has been partnering with sustainability leaders and adding non-fungible token (NFT) support to bolster its capabilities.