Ripple CEO Brad Garlinghouse has indicated that the long-standing legal battle with the SEC is nearing its conclusion. This potential resolution could mark a significant milestone for XRP holders and the broader cryptocurrency market.
Will the Ripple Lawsuit End Soon?
According to Garlinghouse, Ripple's legal dispute with the SEC is nearly resolved. Although he humorously suggested September 21 as "the end of summer" date, he clarified that the exact timeline remains uncertain. The decision ultimately lies with the judge, and Garlinghouse estimates that a resolution might occur before the end of the summer.
What is Unique about XRP?
Garlinghouse emphasized XRP's distinct regulatory status in the US, highlighting that it is not considered a security, unlike other cryptocurrencies such as Ethereum (ETH). He pointed out that the US regulatory environment is lagging, despite Ripple being at the final stages of the legal process. Garlinghouse criticized SEC Chair Gary Gensler for his hostile stance towards cryptocurrencies.
XRP Market Impact & Growth
Ripple's CTO, David Schwartz, acknowledged the importance of the US market but noted that regulatory challenges are more manageable globally. He expressed optimism about Ripple's business prospects outside the US. Ripple is currently contesting fines and penalties imposed by the SEC and recently filed a motion to seal documents related to the SEC's motion for judgment and remedies.
And in the latest news, despite the latest struggle that XRP is facing, its new expansion to new markets could add optimism and maybe even lower the challenges of the US and its regulations.
The anticipated resolution of Ripple's lawsuit with the SEC could have significant implications for XRP and the cryptocurrency market. Ripple's leadership remains focused on addressing regulatory challenges and enhancing its global presence.
