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Ripple CEO Confirms No “Answers” in Ongoing Lawsuit Against the SEC This Year

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Garlinghouse is expecting an answer to Ripple’s summary judgment motion by the first half of next year.

Brad Garlinghouse, CEO of Ripple Labs, said he is not expecting the court to give an “answer” to the company’s summary judgment motion against the SEC this year.

According to Ripple’s CEO, sued by the Securities and Exchange Commission, the court would likely rule on the case by the first half of next year, Garlinghouse tells Bloomberg.

He stated that it is difficult to predict court proceedings, which is why he cannot predict the exact period the court would likely give its ruling on its summary judgment motion. 

“I think we’ll have an answer in the first half of next year. We shall see whether that’s the first or second quarter,” the Ripple exec said.

Ripple Open to Settle With SEC

It can be recalled that the Silicon Valley tech company filed its summary judgment motion last month, asking the court to dismiss the lawsuit. Ripple claimed that XRP is not a security, as alleged by the SEC.

Per Garlinghouse, should the court rule that XRP is not a security, Ripple would consider settling with the Securities and Exchange Commission.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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