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The long battle between fintechs and the U.S. Securities and Exchange Commission may be over, according to the company's president and chief executive officer.
Speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Jan. 18, Garlinghouse said that the judges are unlikely to rush a resolution, adding:
Speaking at the World Economic Forum in Davos, Switzerland on 18 January, Mr Garlinghouse said it is unlikely that judges will rush a resolution, adding: Let's see what happens. Let's see what happens.
But I'm very pleased with our position in terms of the law and the facts." People focus on utilities and how these technologies solve the real problems, the only way for the industry to progress. Great to catch up @ArjunKharpal, @CNBCJou! https://t.co/sns4PX5q3O
— Brad Garlinghouse (@bgarlinghouse) January 18, 2023
Brad Garlinghouse (@bgarlinghouse) Jan 18, 2023.
The Ripple case could be over any minute.
Two years later, in December 2022, Ripple and the Sec submitted their last set of submissions requesting an interim judgment in the matter. They accused each other of playing around with the law.
The judge could make a decision that could result in a friendly resolution and avoid a trial. Garlinghouse stated that he expects such a decision to happen "within the next few months to a figure", potentially as early as June.
'We have always said that we want to settle.”
SEC Chair Gary Gensler has maintained that XRP, and the majority of all crypto assets, are securities. One very important thing is that in the future, it is clear that XRP is not a security."
SEC President Gary Gensler argued that XRP and most of all crypto assets are titles.
Thus, according to him, they must register and comply with the same rules as brokerages.
"This leaves very little room in Venn's chart for settlement," commented Executive Ripple on Gensler's myopic views of the crypto.
Gensler also suggested that Ethereum is safe because of its staking mechanism, which translates into "public investment anticipating the benefits based on other efforts."
XRP Price Outlook
Ripple’s native token, which is at the heart of the case, has lost 2.1% on the day. 'Something I've heard here at Davos a number of times is how important it is not only to wave... but also, really, the entire U.S. crypto industry." xrp native token outlookripple price, who's in the middle of it, lost two and a half percent during the day.
The cross-border payments coin has not enjoyed a big rally like its brethren, having only gained 9% over the past week. XRP traded for $0.379 at the time of writing, CoinGecko said.
