Ripple CEO Brad Garlinghouse has stated in a recent interview with Bloomberg that he expects the XRP lawsuit with the SEC to be resolved this year.
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Ripple CEO Brad Garlinghouse expects a resolution to the much-talked-about lawsuit with the U.S. Securities and Exchange Commission (SEC) over XRP this year, according to a March 2 interview with Bloomberg.
“It’s been almost two and a half years since that litigation began. We’ve tried to move forward as quickly as we possibly could,” Garlinghouse said. “The litigation was fully briefed in front of federal court, and we do expect a decision certainly in 2023.”
Garlinghouse stressed the importance of being thoughtful and getting things right, given that the lawsuit could have a far-reaching impact on the entire cryptocurrency industry.
He also explained the reason why more industry players rallied around Ripple over the past two years. “So, I think people have come to realize that the SEC bringing the case against Ripple was not really the case about Ripple or about XRP. It was really about how the SEC was playing offense and attacking the whole industry…Now, that is widely understood,” he added.
“This is going to be pivotal for the whole industry,” Garlinghouse stressed.
The Ripple CEO says that the SEC is approaching crypto regulation in an unhealthy way.
“When I got first involved in the tech industry, some were saying that the internet in the late 90s, some were saying that the internet should be banned. As they were saying ‘Here’s how the internet is being used for illicit purposes,” he recalled.
However, the U.S. government chose to create a regulatory framework instead, which allowed investors and entrepreneurs and look for benefits on a geopolitical basis “to have the Amazons and Googles based and headquartered in the U.S.”
Any regulator framework has to start with clear protection for consumers, Garlinghouse says.
The Ripple case will set the stage for how crypto will be regulated in the U.S. and its outcome will be pivotal for the entire industry.