SEC v. Ripple case makes “good progress” to reach conclusion next year, says CEO Brad Garlinghouse

Ripple CEO shares the payment giant's progress in the SEC vs. Ripple case. The firm is making strides with new partnerships, powering the national digital currency of the Republic of Palau. 

SEC vs. Ripple case expected to close in 2022 with positive outcome

In a recent interview, Brad Garlinghouse, CEO of Ripple, told CNBC that the payment giant is making strides in court proceedings in the SEC vs. Ripple case. 

Garlinghouse said, 

We're seeing pretty good progress despite a slow-moving judicial process. 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 Securities & Exchange Commission (SEC) has raised concerns about the payment giant's close ties with XRP. Ripple is the largest public holder of the altcoin, and the proceedings in the case against the firm have impacted the cryptocurrency's price. 

Ripple's On-Demand Liquidity (ODL) corridor uses XRP to facilitate cross-border transactions for clients at a lower cost. This has raised flags for regulators, as the SEC suspects that $1.3 billion XRP was sold as an unregistered securities offering. 

Proponents on crypto Twitter argue that the outcome of the SEC vs. Ripple case would have broader implications for Ethereum and other cryptocurrencies in the market. 

Alongside the legal proceedings, Ripple has now partnered with the Republic of Palau, an island country, to power a national digital currency. Ripple has previously worked with Asian countries, partnering with them to provide liquidity through the ODL corridor or power national digital currencies, like in the case of Bhutan. 

The payment giant is struggling to remain relevant as most competitors foray into NFTs and the metaverse. Ripple announced a $250 million fund in partnership with mintable, VSA partners and mintNFT to support creators and marketplaces working on NFT projects. 

FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin will see fireworks if it moves above $1.2.