Monica Long, Ripple Labs president, is optimistic about a positive outcome in the lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) for allegedly purchasing XRP as an unregistered security.
In a recent interview with CNBC, Long said she is very positive that the lawsuit will end in favor of Ripple, the San Francisco-based cross-border payment firm.
While predicting that the SEC is unlikely to win the lawsuit as the “facts and the law” are on Ripple’s side, the president of the payments firm says that the crypto industry desires regulatory clarity and certainty from the US markets regulator.
“We think that [SEC winning the lawsuit] that’s very unlikely considering that, by our view, both the facts and the law are on our side.
In terms of the broader picture of what’s happening in the US on the regulatory front, we’re seeing action through enforcement versus setting clear rules and regulation, which is what all of us in the industry really desire.”
According to the Ripple president, a ruling in the SEC lawsuit against the payments firm could be delivered before the end of 2023.
“With the SEC lawsuit, both Ripple and the SEC have filed our motions for summary judgment. So the decision now rests with the judge to make her decision. We’re optimistic about having a positive resolution there sometime this year.”
On the recent crypto rally even amid a banking crisis, including the closure of crypto-friendly banks, the Ripple president says that it is proof that crypto assets and blockchain technology are here to stay.
“I think what we’re seeing is that crypto and Bitcoin, the industry in general, is here to stay. Even in the wake of recent events with the US banks… I think we’ve seen some strong resilience in the crypto markets considering those three banks Silvergate, Signature and Silicon Valley Bank were three of the most crypto-friendly banks in the US.
“We saw crypto effectively become unbanked in the US overnight, shutting off those US dollar on-ramps. But in pretty quick order we’ve seen the industry not only persist but kind of revive itself.”
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