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San Francisco-based fintech company Ripple is seeing "pretty good progress" in its legal battle with the US Securities and Exchange Commission (SEC) despite a slow-moving process. Ripple's CEO, Brad Garlinghouse, told CNBC in an interview, that the company hopes the feud will likely reach a conclusion in 2022.
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"Clearly we are seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications," he added.
The Ripple CEO also cited the United Arab Emirates, Japan, Singapore and Switzerland as examples of countries that are demonstrating "leadership" when it comes to regulating the cryptocurrency market. As a whole, Garlinghouse says the direction of travel "is very positive" for the industry.
On December 23, 2019, the SEC submitted a lawsuit against Ripple, in which it accused the company of an unregistered offering of securities. The SEC says Ripple undertook the distribution of the XRP tokens without registering offers and sales of XRP with the SEC. Ripple says the SEC's submission of a lawsuit against Ripple is an attack on the "entire crypto industry" in the US. The company highlights there has always been a "dangerous lack of regulatory clarity" for the market in the US.
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