Ripple CEO Confirms Near Settlement With SEC on Bloomberg, Asserts XRP is Not a Security
Ripple CEO Brad Garlinghouse is expressing confidence in the imminent resolution of the lawsuit with the U.S. Securities and Exchange Commission (SEC). During a recent interview with Bloomberg Markets: The Close, he emphasized the expectation of a prompt resolution while acknowledging the uncertainty around the exact timing of the final judgment.
Garlinghouse Optimism about the Settlement with SEC
While Garlinghouse remains optimistic, he refrained from speculating on the ongoing settlement talks with the SEC. He did, however, acknowledge that Judge Analisa Torres has provided clarity on crucial aspects of the lawsuits in the summary judgment decision issued on July 13, 2023.
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The remaining piece under litigation pertains to the company’s XRP sales to institutional investors. Garlinghouse highlighted that the court has ruled on this matter, particularly identifying these sales as investment contracts.
Ripple vs SEC Lawsuit
Regarding the debates surrounding a potential settlement in the SEC v. Ripple lawsuit, there remains a split opinion within the crypto community. Notably, Ripple is open to a settlement if the SEC designates XRP as a non-security. However, the regulator has not publicly expressed interest in a settlement.
As the SEC prepares for a closed-door meeting, there is uncertainty around whether the regulator might discuss settling its legal dispute with Ripple during the forthcoming meeting. Despite this, the SEC has not indicated any inclination to settle, instead opting to pursue resolution through the court.
The major ruling on July 13, 2023, saw Judge Torres conclude that XRP is not a security, except for institutional sales, which were deemed as securities.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
