- Ripple CEO expects to wind up the case with the SEC by early 2023.
- Furthermore, U.S. Court allows I-Remit and TapJets to file their amicus briefs, which will be in favor of Ripple.
Amid the long-drawn battle with the U.S. Securities and Exchange Commission, Ripple CEO Brad Garlinghouse said that the case has been nearing conclusion. The same has also been reflected in the XRP price over the last month.
Ripple’s XRP has been rallying in anticipation that the company is gaining the edge in its case with the SEC and so it could reach conclusion very fast. However, Ripple chief Brad Garlinghouse believes that the case could still take a few months to end.
Speaking at the DC Fintech Week conference on Tuesday, October 11, the Ripple CEO said that he expects the case against his firm to conclude by the first half of 2023. However, he added that it was hard to predict. This December end, Ripple will be completing two years of its legal battle with the U.S. SEC.
Garlinghouse stated that the long-drawn affair is a bellwether case for the United States and the broader crypto industry. He further added that the case shall be fully briefed in from of the judge by mid-November. The Ripple chief added:
Federal judges work at their own pace optimistically we’re talking about 3-4 months, pessimistically it could be longer than that.
During his recent address, Garlinghouse referred to the 2018 speech by SEC Division Director William Hinman stating that Ethereum was not a security. The judge recently ordered the SEC to hand over the details of the speech. The Ripple chief stated that they are ready for a settlement with the SEC provided the regulator agrees that XRP is not a security.
Ripple wins Judge support
XRP proponent attorney James K. Filan disclosed the latest ruling in the case U.S. District Court Judge Analisa Torres has granted two third-party defendants to file amicus briefs. In her brief, Judge Torress said that the two firms can file the briefs by October 14, 2022.
The two firms include Philippines-based settlement company I-Remit and U.S.-based on-demand private jet booking platform TapJets. The judge further stated: “Amici are reminded that their briefs must comply with the requirements set forth in Section IIID of the Court’s Individual Practices in Civil Cases”.
The SEC had filed a motion to grant it more time and pages in its brief. However, Ripple objected to this motion stating that this is another attempt from the SEC in delaying the resolution of the case.
The two companies – I-remit and TapJets will be filing their briefs in favor of Ripple. Both these firms have argued that the SEC’s case against Ripple is hurting their business since the XRP Ledger and XRP are utilities to them.
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