Brad Garlinghouse is optimistic that the case will be resolved in three to four months, though it could take longer.
The long-running dispute between Ripple and the U.S. Securities and Exchange Commission, as stated by Ripple CEO Brad Garlinghouse, is coming to an end, though it could still take many months.
Due to increased speculation regarding a favorable outcome to the case before the end of the year, the native token XRP has experienced a meteoric rise over the past month.
On October 11, Garlinghouse stated to panelists at the DC Fintech Week conference that he anticipates that the case against his company will be resolved in the first half of 2023, despite the fact that he acknowledged that this was difficult to predict.
The U.S. securities regulator initially filed the action in December 2020, alleging that the company used its XRP token to conduct an unregulated securities sale. It has taken a long time, and Garlinghouse said that it is a case that will serve as a benchmark for the crypto industry in general and the United States. By the middle of November, he added, it will be fully briefed and in front of the judge.
He stated, “Federal judges work at their own pace,” adding, “optimistically we’re talking about about three to four months, pessimistically it could be longer than that.”
Additionally, Garlinghouse mentioned the 2018 speech by former SEC Division Director William Hinman in which he stated that Ethereum was not a security and that the judge had six times ordered the SEC to hand over the information. Ripple finally achieved a small victory on September 29 when these elusive transcripts were handed over for good.
Ripple would consider a settlement with the SEC if XRP was not categorized as a security, according to the fintech boss.
In the meantime, Charles Hoskinson, the founder of Cardano, has responded to a torrent of criticism he received from Ripple supporters, also known online as the XRP Army. On October 11, he stated in a video:
“The incredible wave of criticism I received for a single comment that was taken out of context came as a tremendous surprise.”
The comment was made in response to XRP camp rumors of a “financial conspiracy” between the SEC and Ethereum co-founders. Many backers of Ripple, including Brad Garlinghouse, think that the regulator gave ETH an unfair advantage over XRP at the time because ETH was not seen as a security, and the regulator was only interested in Ripple.
Hoskinson asserted that a lack of clarity is the reason the SEC is after Ripple, not because of corruption or any XRP community-invented conspiracies. The XRPArmy became irritated by this, and they started trolling Hoskinson on Twitter before he decided to block many of them.
I believe I have blocked the majority of the XRP trolls who continue to harass without warning. Never before has a group taken a few words and ran with them in such a radical way.Bravo for transforming an ally into someone who is disgusted and completely exhausted.
— Charles Hoskinson (@IOHK_Charles) October 11, 2022
In addition, the outspoken founder of Cardano engaged Ethereum developers in a dispute over the Merge last month, claiming that it was a flawed proof-of-stake implementation. More recently, on October 10, Hoskinson gave an exclusive interview to Cointelegraph in which he was equally critical of Bitcoin and Ethereum.
Charles Hoskinson: “ETHGate Is a Conspiracy Theory”
XRP Army: “No it isn’t”
Charles Hoskinson:— Alex Cobb (135k Followers Beware Imposters) (@AlexCobb_) October 11, 2022
The San Francisco-based fintech company has expanded its On-Demand Liquidity (ODL) services to France and Sweden in related news. Lemonway, a Paris-based payment service for online marketplaces, was said to be the company’s new French partner in an announcement on Oct. 11, and Swedish money transfer service Xbaht would help move money between Sweden and Thailand. Utilizing XRP, Ripplenet’s ODL service provides liquidity for international transfers.