Ripple CEO Brad Garlinghouse has given his opinion on the potential verdict of the protracted lawsuit between his company and regulatory agency, SEC. The lawsuit has been on for about a year, with the agency leveling accusations of hosting and selling unregistered securities. Although a lot has been said over the months since the lawsuit began, the two parties are still slugging it out in court, with a verdict expected to be delivered soon.
Ripple CEO upbeat about a favorable verdict
Giving his opinion at the Collision event that took place recently, the Ripple CEO mentioned that he was confident about the verdict of the court swinging in their favor. Asides from Garlinghouse, which serves as a defendant in the lawsuit, others are the company Ripple and its co-founder, Chris Larsen. Since the lawsuit started, the company vowed to fight the SEC with everything to prove that XRP, the token in question, is not a security.
When asked about the potential reactions if the court returns a guilty verdict, Garlinghouse was tight-lipped. However, the Ripple CEO said that in case it happens, it would only be seen as security inside the US. Garlinghouse said that the US could be the only place the SEC could have power. Presently, traders have been barred from trading XRP across the US. Coinbase and some other exchanges in the US suspended the trading of XRP after SEC announced the lawsuit.
Ripple representative predicts resolution in 2023
On a more positive note, Garlinghouse mentioned that he was optimistic about the lawsuit and hoped that Ripple would come out winners when the verdict was passed. He noted that asides from the law being on their side, they also have the facts to argue their case and win. In his opinion, Garlinghouse thinks that the SEC has overstepped and is now trying to control it with a claim on its jurisdiction.
He also said they were not well informed on XRP and decided to still go after the token and its executives. Although Garlinghouse showed frustration at how long the case had lasted, he was happy that most companies knew the importance of a win in the case. Some months ago, the legal representative for Ripple mentioned that the SEC might agree with Ripple by next year. He also noted that every day the lawsuit drags, it hurts traders who hold Ripple. During the ongoing lawsuit, XRP has lost more than $10 million in market cap.