Ripple CEO Discusses XRP Lawsuit Settlement, Reiterates Conclusion Timeline

Brad Garlinghouse, the CEO of Ripple Labs, has indicated that a resolution to the ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) may be imminent. During a recent appearance on Bloomberg Markets: The Close, Garlinghouse expressed confidence in a favorable outcome, asserting that XRP is not a security.

While Garlinghouse refrained from providing a specific timeline for the lawsuit conclusion, he reiterated his prediction from mid-June of a final judgment before the end of summer 2024.

Potential Settlement Talks

When asked about potential settlement discussions with the SEC, Garlinghouse declined to comment. Speculation regarding a settlement has been prevalent within the cryptocurrency community. While Ripple has expressed openness to a settlement under the condition that XRP be classified as a non-security, the SEC has not publicly indicated a similar inclination.

Garlinghouse also emphasized the significance that the summary judgment issued by Judge Analisa Torres on July 13, 2023, provided significant clarity on the case. The court’s ruling determined that non-institutional XRP sales are not a security.

However, the decision also concluded that Ripple’s sales of XRP to institutional investors did meet the criteria for an investment contract, subjecting these transactions to securities regulations.

As a result, the case is currently in the remedies phase, with the court expected to determine the appropriate penalties for Ripple’s securities law violations. The community recently celebrated the first anniversary of this ruling, and many are eager for the final ruling, anticipating a greater celebration if the court rules in favor of Ripple.

The SEC close-door meeting, where Ripple’s case settlement was supposed to be discussed, has been postponed. Rumor has it that the new date is July 25. Three of the four agendas of the meeting are related to settling injunctive actions, administrative proceedings, and litigation claims.

However, it remains unclear whether the agency will address the Ripple lawsuit during this meeting and discuss a potential settlement during the meeting.

The SEC has consistently maintained that XRP is a security and has indicated its intention to pursue the case to its conclusion. However, Ripple has not backed down, as Garlinghouse has revealed that the company is willing to take the legal battle to the U.S. Supreme Court. The next few weeks and months will be crucial as the lawsuit unfolds.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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