- Ripple’s CEO suggests September 21 might mark the end of the XRP lawsuit.
- XRP’s price sees slight gains but remains bearish over the week.
The CEO of Ripple, Brad Garlinghouse, recently questioned why XRP was singled out in the pending SEC litigation. Funny enough, he proposed that September 21st, which is also the end of summer, might be the conclusion of the case. Garlinghouse is still optimistic about a speedy settlement, even though he is unaware of the precise date of it.
Great clip of Ripple CEO Brad Garlinghouse.
XRP is not a security… Case expected to close by end of Summer… Summer ends September 21st….
Ripple is at the end of its journey with the SEC and others like Ethereum are just beginning to go through the same adventure……… https://t.co/Ysb980zqtg
— Digital Assets Daily (@AssetsDaily) June 12, 2024
Decision Timeline and Regulatory Clarity
Garlinghouse stressed that the precise timetable was unclear but anticipated that the judge’s judgment might be made before the end of summer, maybe by September 21. He underlined XRP’s special standing in the US because of its clear regulations.
With reference to the hazy future of ETH, he said, “XRP in the US is one of the few things we can say definitively is not a security.” Even though Ripple is almost through its legal fight, he blasted the US regulatory climate as being behind.
Citing anger with the regulatory obstacles the sector faces, Garlinghouse accused SEC Chair Gary Gensler of being “pretty hostile” towards cryptocurrency. Notwithstanding these difficulties, Ripple keeps pushing for more favorable conditions for cryptocurrencies in the US and clearer laws.
Although the US market is important, Ripple CTO David Schwartz emphasized that regulatory hurdles are more controllable elsewhere.
Schwartz said that even with the continuous legal problems, Ripple’s business outside of the US is growing. Still a crucial component of their legal fight, Ripple is now contesting with the SEC over the fines and penalties the business should pay.
Market Performance and Developments
Meanwhile, according to CoinMarketCap data, the price of XRP at the moment of writing is about $0.4843, up 0.93% from the previous day. It has, meanwhile, been trending bearishly during the last seven days, falling by 7.38%.
Regarding the slow price of XRP despite encouraging developments, former Ripple executive Sean McBride speculated that prices may stay low until Judge Torres rules, following reports from Crypto News Flash.
Ripple moved recently, on May 14, to seal several papers pertaining to the SEC’s request for judgment and remedies. This is a component of Ripple’s plan to handle the legal processes and safeguard private data.
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