Ripple CEO expects court ruling on SEC’s case in ‘weeks’
Ripple CEO said the US government placed politics ahead of smart policy, pushing several crypto firms to friendlier jurisdictions.
Ripple (XRP) CEO Brad Garlinghouse has predicted that the Court would issue a decision to its case with the U.S. SEC “in weeks and not months” while speaking at the ReDEFiNe Tomorrow 2023 conference.
“I feel very confident that we’ll see a decision from the Court in this year. In fact, I will guess that in weeks, not months.”
Garlinghouse previously predicted that a verdict would be delivered within six months, according to a video shared by CEO at Alpha Lions Academy. However, his views appear to have changed after Judge Analisa Torres denied the Commission’s attempt to seal documents related to former SEC official William Hinman’s 2018 speech, in which he expressed his opinion on the classification of cryptocurrencies.
The judge ruled that the documents should be made public because they are “relevant to the performance of the judicial function and useful in the judicial process.”
Ripple has been in a legal battle with the SEC since December 2020 over allegations related to the sale of unregistered securities.
Garlinghouse highlights the lack of regulatory clarity
Meanwhile, Garlinghouse said the Court’s decision not to grant the SEC’s request was a massive win for transparency, adding that he expects the documents to be made public by June 13.
According to him, the judgment highlights the lack of regulatory clarity in the U.S. despite several attempts to get the regulators to act.
Ripple, Coinbase, and other crypto firms have consistently maintained that the current regulatory environment in the U.S. was unsuitable for the industry. However, the SEC maintains that it is not obligated to create new regulations specifically for the crypto industry.
SEC is placing ‘politics ahead of smart policy.’
The Ripple CEO continued that the U.S. government and the SEC placed “politics ahead of smart policy,” pushing several crypto firms to friendlier jurisdictions.
“…Because of that, you are seeing entrepreneurs go overseas.”
For context, Garlinghouse said most of his company’s new employees and customers were non-U.S. Besides, Ripple has been growing its overseas business with the recent acquisition of Switzerland-based digital asset custody provider Metaco,” alongside expanding its On-Demand Liquidity (ODL) service in Japan through a partnership with SBI Remit.
Several other U.S.-based crypto firms, like Coinbase and Gemini, have been expanding their operations in response to the uncertain regulatory environment in the U.S.. Gemini co-founder Cameron Winklevoss said the regulatory hurdles in the U.S. was making it difficult “to get anything done there.”