The legal battle between Ripple and the SEC has now been going on for over a year. Attorney Jeremy Hogan now believes a deal will be completed by April 2022. In response to a question from an XRP user answered Hoganthat the chances of the process going on beyond the summer are pretty slim.
The CEO of Ripple, Brad Garlinghouse, had previously made a similar assessment. He had also said he hoped the case would be closed in 2022. In a late November interview with CNBC, Garlinghouse expressed confidence about the progress of the litigation.
We’re seeing pretty good progress despite a slowly evolving legal process
, that was his statement at the time.
Ripple ruling is relevant to the entire crypto space
The judges had recognized that the case was about more than just Ripple or the XRP token. The verdict has relevance for the entire crypto scene. As a reminder, in the December 2020 lawsuit, the SEC alleged that Ripple and its executives had sold $ 1.3 billion worth of XRP in an unregistered securities offering. Ripple’s argument is that XRP is not a security and therefore securities laws should not apply.
Even if many crypto exchanges deleted XRP from their listing due to the legal dispute, 2021 was a highly successful year for Ripple. In a Series of tweets CEO Brad Garlinghouse announced that XRP-based on-demand liquidity payments (ODL) now account for 25 percent of the transaction volume across RippleNet. Compared to Q3 2020, ODL have increased 25 times.
Not to mention new ODL corridors like Japan and the United Arab Emirates. Then there is our CBDC solution. It is based on a private version of the public XRPL and works with Bhutan and Palau! All of this growth came from outside the US for (sigh) obvious reasons
, sums up Garlinghouse.
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Ripple vs. SEC: According to an expert, the decision will be made by April 2022