Ripple CEO, Brad Garlinghouse, believes that a ruling in their costly lawsuit with the U.S. Securities and Exchange Commission (SEC) is imminent. Following recent court news concerning the so-called Hinman documents, Garlinghouse expects a verdict within weeks, not months.
The Lawsuit Could Conclude Sooner Than You Think
In a recent interview at the Redefine Tomorrow 2023 summit, Garlinghouse hinted that a resolution to the court case is coming immediately after the release of the infamous William Hinman materials. Considering the current state of the courtroom battle with the SEC, he is confident of getting a decision in the coming weeks. Garlinghouse pointed to a recent court ruling where the SEC's motion to keep the Hinman documents under wraps was rejected by a federal judge.
Case Details
In 2021, Ripple cited Hinman's landmark speech as an indication that the SEC does not deem Bitcoin or Ethereum as a security, contending that XRP should not be classified as a security either. The crypto payments firm then filed for a Freedom of Information Act request, aiming to uncover documents explaining how Hinman arrived at this conclusion.
Outcome Expectations
The lawsuit is now at a stage where spectators are awaiting the summary judgment decision after all the briefings have been completed. Garlinghouse's comment that he expects a verdict in weeks' time is interpreted by some in the XRP community as a hint that he anticipates a favorable decision by the presiding judge.
Significance for XRP
The outcome of this lawsuit could have significant implications for XRP and its holders. If Ripple wins the case, it could remove the legal uncertainty that has been hanging over XRP, potentially leading to increased investor confidence and a positive impact on its price. However, if Ripple loses, it could validate the SEC's view that XRP is a security, possibly leading to tighter regulations and a negative impact on its price.
Conclusion
With the expected ruling in the Ripple vs. SEC lawsuit, the crypto community awaits a decision that could shape the future of XRP and potentially set a precedent for other cryptocurrencies facing similar issues. As Ripple and its CEO anticipate a ruling, the fate of XRP hangs in the balance.