US blockchain company Ripple is making “good progress” in its efforts to resolve its legal conflict with the US Securities and Exchange Commission (SEC), hoping to end the row in 2022, according to the chief executive.
Brad Garlinghouse, CEO of Ripple, said that the legal case, which is centered on the firm’s XRP token, is moving slowly forward, although towards a potentially favorable outcome.
“We’re seeing pretty good progress despite a slow-moving judicial process,” the CEO told local broadcaster CNBC. “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 American regulator’s case against Ripple is centered on the accusation that the company has initiated is an an unregistered securities offering. However, the agency has also been trying to extend the legal battle to the company’s executives, whom it accuses of profiting from the XRP sale, as demonstrated by the SEC’s failed attempt to secure the personal financial records of Garlinghouse and Ripple’s Executive Chairman Chris Larsen.
After winning a series of minor victories in recent months, Ripple has suffered some major setbacks, too, after the presiding judge ordered Ripple to hand over Slack messages exchanged by former and current company employees to the regulator.
Meanwhile, the San Francisco-based business has been making efforts to expand its international foothold. Ripple’s executives are praising efforts by regulators in various parts of the world, contrasting them with more conservative stances adopted by the authorities of countries such as China and India, among others.
Garlinghouse said that the United Arab Emirates, Japan, Singapore and Switzerland were some of the countries which have demonstrated “leadership” in crypto regulation.
“In general, the direction of travel is very positive,” according to the CEO.