Ripple CEO says legal dispute against SEC could end in 2022

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Ripple CEO says legal dispute against SEC could end in 2022 By Angel Di Matteo @shadowargel

In this regard, Brad Garlinghouse assured that Ripple has remained firm and that the outcome of this dispute could be very positive, not only for the company but for the crypto industry in general.

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The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) could finally reach its conclusion in 2022.

This was revealed by the CEO of the solutions developer company Blockchain, Brad Garlinghouse, who he estimates could end with a favorable result not only for the company, but for the industry in general.

Dispute between SEC and Ripple could end in 2022

Garlinghouse’s statements came to place during an interview conducted by the network CNBC, where the manager indicated that despite the fact that the trial has been a slow process, it has undoubtedly made very good progress throughout all that it has extended throughout 2021.

While many legal processes can span months and sometimes even years, for the CEO of Ripple it is clear that this case could see its outcome next year. Let us bear in mind that the dispute began in the courts at the beginning of this year, when the US regulator accused the company and its main executives of carrying out a sale of unregistered securities in 2013, this as part of the financing campaign organized at the time by the company.

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Regarding the repercussions on the case, Garlinghouse noted that the ongoing dispute goes far beyond the fate of Ripple, as this could involve the entire cryptocurrency ecosystem precisely because the SEC would be attributing misleading judgments to the nature of the token XRP, which it could do with any other currently circulating crypto asset.

In this regard, Garlinghouse highlighted the following:

“Clearly, we are seeing very interesting statements made by the judge… he realizes that it is not just about Ripple; this will have much broader implications ”.

XRP is not a value, the SEC you are wrong

The main allegation by the SEC is that the token XRP comercialized by Ripple it would be a value. However, on repeated occasions Garlinghouse rejected this allegation, assuring that those who own the digital currency do not have shares linked to the company, so that its operation and existence is completely independent of the destiny of the company.

However, during the dispute in court, the SEC has tried to make visible that Garlinghouse and the other executives went ahead with the intentions of pre-selling XRP despite knowing that the regulator could have conflicts with it. For its part, the team of Ripple It alleges that the government agency never ruled on the matter, and that it only made such allegations seven years after the pre-sale ended, an argument that would completely invalidate the complaint filed.

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Regarding the case, despite the fact that both sides have recorded slight victories, the overall balance of gains seems to benefit Ripple, which has managed to invalidate certain allegations presented by the SEC at the time. The dispute generated such controversy that even users of XRP They asked the court to participate in the trial and highlight how the measures promoted by the regulatory body harmed their business activities.

Keep in mind that when the dispute began, certain reputable exchanges chose to take out XRP of its commercial listings, which had a negative impact on the token’s price in the main international markets. But for now, the digital currency is trading at about USD $ 1.05 per unit at the time of publication, capitalizing slight gains of 0.5% in the last 24 hours.


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Source: Cointelegraph, CNBC

Version by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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