The United States Securities and Exchange Commission (SEC) has been in a legal battle with Ripple, but the end might be close.
Garlinghouse Says Ripple Makes Good Progress in SEC Case
Ripple, one of the leading blockchain firms and the issuer of the XRP coin, has been in a legal battle with the US SEC over the past year. The SEC accused Ripple of issuing XRP as unregistered securities. However, the blockchain company maintains that XRP is not a security and operates independently of Ripple.
Brad Garlinghouse, CEO of Ripple, is now optimistic that the legal case with the SEC could come to an end next year. He told CNBC that “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.”
The United States regulator is concerned about Ripple’s ties to XRP, accusing the company and its executives of selling more than $1 billion worth of XRP tokens in an unregistered securities offering.
Ripple’s legal team said they don’t plan to settle with the SEC. However, the cryptocurrency space could be relieved when this high-profile case comes to an end.
Victory on Both Sides
The Ripple vs. SEC legal battle has been on for nearly a year now. During that period, both sides have enjoyed victories, but the case is yet to come to an end. In September, a US magistrate denied Ripple’s request to gain access to documents showing the SEC’s crypto activities. XRP holders wanted to be a part of the case as defendants District Judge Analisa Torres ruled against that happening.
These latest developments came after Ripple handed over more than one million slack messages to the US regulatory agency. Ripple also recorded some victories in this legal battle. In May, Ripple stopped the SEC from gaining access to documents regarding its legal concerns about XRP. The company also won after the SEC demanded access to the personal financial records of the company’s executives.
Ripple had declared its intentions of going public once the legal battle with the SEC is over. XRP’s price dropped by more than 70% last year after the SEC sued Ripple. However, XRP has bounced back from the poor performance and is now trading above the $1 level again.
XRP remains one of the leading cryptocurrencies in terms of market cap and has added more than 300% to its value since the start of the year. XRP could still rally higher in the coming weeks if the broader market resumes its Bull Run.