Brad Garlinghouse, the CEO of Ripple Labs, provides a fresh update regarding when U.S. District Judge Analisa Torres will issue a final verdict in the SEC lawsuit.
During the XRP Ledger Apex 2024 conference, Garlinghouse told an audience that Ripple is optimistic about reaching a resolution in the lawsuit soon, adding that the judge will determine the timeline for the final verdict.
Court to Issue Final Verdict Before End of Summer 2024
Nonetheless, the Ripple CEO estimated that Judge Torres could issue the final verdict before the end of summer 2024. Notably, he clarified that summer might extend beyond August to September 21, the date marked as the astronomical end of summer.
“We can’t control that [the outcome of the final resolution] now; the judge will make the decision when she makes a decision. My estimation is that it will be sometime before the end of the summer. Somebody asked me if summer is by the end of August; I pointed out that September 21st is the end of summer,” Garlinghouse remarked.
Ripple Brad Garlinghouse predicts the final verdict from court by end of this summer "September 21th" David Schwartz Giggles 🤣 pic.twitter.com/0L3MOUHa3K
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 12, 2024
Garlinghouse Questions Motive Behind Attack on XRP
Furthermore, Garlinghouse expressed frustration with the SEC’s decision to target XRP first ahead of other crypto assets. The Ripple CEO questioned the timing and rationale behind the move.
“There are things that are super frustrating. Why did the SEC go after XRP ‘first’?” the Ripple CEO quizzed.
The comment suggests that the SEC first initiated legal actions against XRP when hundreds of other cryptos required similar scrutiny. Meanwhile, Garlinghouse is optimistic that the multi-year legal tussle is nearing a conclusion, projecting that the court will issue the final verdict before September 21.
Previous Predictions on SEC Lawsuit
This is not the first time Garlinghouse has predicted the potential end date of the SEC lawsuit. In 2022, the Ripple CEO projected that the court would resolve the lawsuit in the first half of 2023.
During the 2023 Dubai Fintech Summit, he updated the timeline to the end of Q3 2023. The complexity of the SEC v. Ripple lawsuit makes it difficult for anyone to predict the timeline for the final resolution accurately.
However, most experts following the lawsuit believe the court will issue the final verdict this year. As reported earlier, prominent XRP community figure Ashley Prosper speculated that the only factor delaying the final verdict is the ruling on whether SEC’s official Andrea Fox is an expert or summary witness.
For context, the SEC submitted Fox’s declaration in support of its opening remedies-related brief on March 22. Interestingly, Ripple filed a rebuttal a month later, asking the judge to exclude the declaration while portraying her as an expert witness.
The court’s ruling on the matter will significantly impact the outcome of the case. Hence, the court will address the matter before the final decision. Besides projections, there is still no official date regarding when the court will issue the final verdict.
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