Ripple chief executive Brad Garlinghouse thinks “good progress” has been made in the payment company’s legal battle with the U.S. Securities and Exchange Commission (SEC).
In a new interview with CNBC, Garlinghouse also issues a loose prediction on the case’s timeline.
“We’re seeing pretty good progress despite a slow-moving judicial process in the federal courts. Clearly, we’re seeing good questions asked by the judge, and I think the judge realizes this is not just about Ripple, this will have broader implications, and I think that’s a very good thing. I’m hopeful that certainly in 2022 there’ll be closure here.”
The SEC filed charges against Ripple last December alleging that the San Francisco-based company sold XRP as an unregistered security during its launch. The regulator alleges that XRP remains a security to this day.
Garlinghouse says in the CNBC interview that countries like the United Arab Emirates, Japan, Singapore and Switzerland have provided leadership on crypto regulations. Though he notes that certain countries, naming China and India, have taken a more restrictive approach to digital assets recently – the CEO argues that “the direction of travel is very positive” overall for crypto regulations around the globe.
Ripple recently proposed various measures for regulating the cryptocurrency industry in the US, including “innovation sandboxes” and the creation of a “safe harbor” regime that would allow network developers to be exempt from the registration provisions of federal securities laws for a limited time.
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