In what appears to be a significant development for Ripple and its embattled cryptocurrency XRP, recent reports suggest that the prolonged legal battle with the United States Securities and Exchange Commission (SEC) may finally reach its conclusion. Ripple CEO Brad Garlinghouse has expressed optimism about an imminent resolution of the SEC lawsuit, citing recent court news surrounding the Hinman emails.
According to a Bloomberg Law article, Garlinghouse made these remarks during a virtual conference session. The Ripple CEO reportedly expressed confidence that the SEC lawsuit would be resolved soon.
Speculation about the potential end of the Ripple lawsuit gained traction on social media after a tweet by user “XRPnewt” hinted at a favourable outcome. The tweet, accompanied by a video clip from the “Redefine Tomorrow 2023 summit,” quoted Garlinghouse stating that a court decision was expected in weeks, not months. In response, “XRPnewt” commented that the journey was finally ending.
This news has generated excitement among members of the XRP community, with notable figures such as crypto lawyer Bill Morgan expressing their satisfaction with the proposed timeline.
The SEC initially filed the lawsuit against Ripple and two of its executives in December 2020, alleging that the sale of XRP constituted an unregistered security offering. After an extended legal process, including completing all briefings, stakeholders eagerly await the summary judgment decision.
In a recent quarterly report, Ripple acknowledged that it expected a decision on the summary judgment in 2023 while emphasizing that the timing ultimately rests in the hands of the court.
The anticipation surrounding this ruling stems from the May 16 dismissal by Judge Torres of the SEC’s request to seal the Hinman documents. Due to the extensive materials and redactions involved, the court approved a request for a deadline extension to June 13.
Notably, the upcoming release of the Hinman emails, expected as part of the litigation process, has attracted attention from the crypto community. John Deaton, the founder of CryptoLaw, expressed his eagerness for the emails’ disclosure, predicting that even non-XRP holders and Ripple critics would recognize the SEC’s questionable actions. Deaton believes this revelation will intensify the scrutiny of the SEC’s motives behind the lawsuit.
The crypto industry eagerly awaits the outcome as the legal battle between Ripple and the SEC approaches a potential resolution. If the speculation holds, Ripple and its supporters may soon celebrate the conclusion of a prolonged and closely watched lawsuit.
Nonetheless, it remains to be seen how the court’s decision will shape the future of Ripple, XRP, and the broader regulatory landscape for cryptocurrencies.