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Even though Ripple is still embroiled in its ongoing legal struggle, the CEO of the business, Brad Garlinghouse, recently brought up certain emails from the SEC while addressing them at the World Economic Forum (WEF). The gathering in Davos had many industry executives and public officials in their presence, and they discussed various themes about various industries.
Here is What Ripple CEO Said at WEF
The emails were sent exclusively by Bill Hinman, who is the Director of the SEC. The CEO of Ripple disclosed this information when speaking (1) at the WEF. The judge has been ordered to review all of the SEC director's email correspondence, and he suspects that the texts have some damaging information hidden inside them.
Garlinghouse observed that the revelation of the papers to the general public would most certainly give rise to inquiries regarding the motivations behind the Commission's decision to sue Ripple. He went on to Explain:
"When things become public knowledge, I believe that we will see more questions along the lines of, 'How is it possible that the SEC chose to initiate a case over Ripple considering what they had said within its walls?'"
In addition, the CEO of Ripple expressed some cautious optimism at the World Economic Forum (WEF), indicating that the company's ongoing legal conflict with the SEC may soon end. According to Garlinghouse, the protracted dispute could finally conclude sometime during the first part of this year.
In 2020, the SEC filed a lawsuit against Ripple and its officials, alleging that they had violated federal securities laws by selling unregistered XRP to customers. The disagreement brought up the subject of whether or not XRP ought to be categorized as a security.
In December, following a great deal of back-and-forth regarding the matter, the SEC and Ripple handed in their last rounds of papers, and the parties submitted their requests for a summary judgment in the case.
“We have always said that we would love to settle”
The CEO of Ripple discussed his expectations on the outcome of the SEC case during his appearance at the World Economic Forum (WEF) and an interview with CNBC's "Squawk Box Europe." He reaffirmed his expectation that a resolution might be reached during the first half of the year 2023.
Garlinghouse expressed a "really favorable" feeling about the present litigation status, adding that "judges take whatsoever long judges will take." He stated that Ripple is willing to negotiate a settlement if necessary.
"We have always stated that we would love to settle, but it needs one very crucial element, and that is that, on a go-forward basis, it is obvious that XRP is not a security," said the Ripple company. "We always have emphasized that we'd love to settle."
Gary Gensler, chairman of the SEC, has made it quite clear that he considers practically all forms of cryptocurrency securities. As a result, the amount of room available for negotiation in the Venn diagram is quite limited.
If XRP is determined to be a security, it may be subject to further limitations. This indicates that the crypto asset will have better transparency, higher investor protection, and several other benefits.