- Brad Garlinghouse said in an interview that he is confident of a positive verdict in the SEC vs. Ripple lawsuit in the coming weeks.
- Ripple CEO foresees a victory for the cross-border remittance firm after SEC motion to keep Hinman documents under wraps was rejected.
- XRP community is awaiting a ruling, anticipating a positive outcome for Ripple.
Ripple CEO Brad Garlinghouse is optimistic that the payment firm he leads will win the lawsuit brought by the US financial regulator, the Securities and Exchange Commission (SEC). In a recent interview with the tech investment firm SCB 10X, Garlinghouse said that he anticipates a verdict in the SEC vs. Ripple lawsuit will come soon.
Brad Garlinghouse bullish on a win in SEC vs. Ripple lawsuit
The CEO of the cross-border remittance firm mentioned the rejection by Judge Analisa Torres of the SEC motion to keep key documents from the William Hinman, SEC former director of corporate finance, emails under wraps as a reason for optimism in the legal battle Ripple has with the US regulator on the nature of the XRP token. The SEC argues that XRP is a security, something that Garlinghouse and Ripple have been denying.
Also read: Here’s why US PCE could make or break Bitcoin price rally to $30,000
The Ripple CEO said in a Youtube interview within the Redefine Conference, that he views the SEC lawsuit “not just as an attack to Ripple, but as an attack to the whole crypto industry.” The SEC’s lawsuit against Ripple has dragged on since December 2020, negatively influencing XRP price and sentiment among XRP holders in the crypto community.
In the same interview, Garlinghouse told Mukaya (Tai) Panich, CEO of SCB 10X, that a court ruling in Ripple’s favor could set a precedent for the cryptocurrency ecosystem. Garlinghouse reminded Jay Clayton, the previous SEC Chairman, resigned a day after suing Ripple about the legality of trading XRP as an unregistered security.
Briefly referencing recent events surrounding William Hinman, Garlinghouse reaffirmed his commitment to the long-drawn legal battle against the SEC’s allegations on Ripple.
Why are Hinman documents crucial to Ripple’s defense?
William Hinman’s emails could shed light on the US financial regulator’s internal discussions and stand on “cryptocurrencies being treated as securities.” This has been under scrutiny for some time now and Judge Torres recently rejected the SEC’s motion to keep these documents under wraps.
Hinman emails could support Ripple’s defense and help determine whether “fair notice” was given and what the SEC’s stance is on treating altcoins and crypto assets as securities.
What are the SEC’s allegations against Ripple?
In its 2020 lawsuit, the SEC alleged that Ripple and its executives illegally sold XRP tokens. XRP, the native token of the XRPLedger, was created in 2012 without being first registered as a security.
The SEC argues that Ripple violated laws by conducting a $1.3 billion unregistered securities offering.
Find out more here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto liquidations hit $311 million, what’s next?
BTC price has suffered a fatal setback after the recent lawsuit that the SEC filed against Binance and its founder, Changpeng “CZ” Zhao. The suit caused the markets to cascade, triggering a massive sell-off and causing roughly $311 million in liquidations across the entire crypto landscape.
Apple staying mum on Metaverse at WWDC wipes out Metaverse tokens’ value by 10%
Apple recently hosted the WWDC, where it was expected to kickstart the Metaverse hype again. However, with the anticipation going through the roof, the opposite happened when the company with the biggest market cap failed to talk about the virtual world.
Dogecoin price crashes by nearly 12% as loyal investors continue to offload their DOGE
Dogecoin price is currently following Bitcoin’s lead, bringing the meme coin down to three-month lows and testing a key support level. The cryptocurrency has been a highly influenced token for a long time now, but with DOGE’s charm fading away.
Is the metaverse hype back in action?
Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.