Ripple, the company behind XRP, is optimistic about resolving its legal battle with the SEC. The CEO Brad Garlinghouse‘s confident statements have positively impacted the XRP price, outperforming Bitcoin in recent weeks.
Legal Battle and Price Impact
The SEC sued Ripple in 2020, claiming that $1.3 billion in unregistered securities were sold through XRP.
This lawsuit has negatively affected the XRP price while Bitcoin has seen significant price rallies. However, Garlinghouse’s remarks have resulted in a 10% increase in the XRP price during the past week, coinciding with a decline in Bitcoin’s price.
Anticipated Conclusion
Garlinghouse believes the court case will conclude within weeks, bringing clarity and potentially favoring Ripple.
In an interview, he predicted a court decision by the end of the year, if not sooner.
The CEO of Ripple has highlighted recent courtroom developments that promote transparency and the SEC’s attempt to redact information related to a speech by former SEC director Bill Hinman, while discussing Ethereum’s non-security status, which the court has rejected.
Emails and notes that relate to the speech are expected to be released around June 13.
Support from the Crypto Community
The crypto company’s legal battle has garnered support from the crypto community and it believes that U.S. regulators are unfairly targeting cryptocurrencies without clear guidelines. While some entities have settled with the SEC, and Ripple has chosen to fight the allegations in court, aiming to stand up for the entire industry.
The CEO resorted to criticism of the U.S. government and the SEC for prioritizing politics over sound policy.
He expressed concerns about the lack of clarity in cryptocurrency regulations which hampers industry progress and innovation. The company’s decision to invest significant resources in defending the case reflects its commitment to challenging which Ripple perceives as unfair treatment from regulators.
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