Ripple’s Garlinghouse Hopeful On Outcome Of XRP Lawsuit As He Stays Bullish On Crypto Market
Brad Garlinghouse, the CEO of financial technology company Ripple Labs, has expressed confidence in the SEC vs Ripple lawsuit being settled this year, noting that a final ruling might come before June 30.
Speaking on the sidelines of the World Economic Forum in Devos, the Ripple executive revealed that he was satisfied with the Ripple team’s defence. He also noted that they were open to a settlement with the U.S. Securities and Exchange Commission (SEC), despite the regulator’s continued insistence on most cryptocurrencies being securities.
“The case is now fully briefed. We’re optimistic that this will be resolved in 2023 and maybe the first half,” Brad said in an interview with CNBC. “So, we will see how it plays out from her but I feel very good about where we are relative to the law and the facts.”
Garlinghouse was sued by the SEC alongside Ripple and Chris Larsen, the company’s co-founder, in 2020 for selling $1.3 billion worth of XRP after the regulator claimed the process breached US securities laws. He further noted that a settlement for the lawsuit would not only be essential to Ripple but also the crypto industry in the United States.
Bullish On the Crypto Industry
Garlinghouse also weighed in on the current state of the cryptocurrency market, noting that he’s bullish on Bitcoin, Ether and other cryptos in the long term.
“I have tried to stay out of the short-term price prediction on all things Bitcoin and crypto in general. (However) I’m long-term very bullish” Brad said.
To him, not even the recent FTX debacle or the ongoing chaos by crypto firms such as DCG and Gemini could prevent the crypto sector’s long-term success.
“I think you’ll continue to hear noise with what’s going on with DGC and Gemini…hard to know, it sounds like that could work out constructively…the fact that you are seeing some changes in the crypto world I think can be healthy for the industry in the long term.” He went on.
Asked about what he thought would be the biggest catalyst to the success of crypto, Brad, 51, noted that it was focusing on “companies that are solving real problems” and drawing up regulations for the crypto sector.