Ripple CEO Brad Garlinghouse sees progress in litigation with the SEC and suggested that it could end as early as next year.
Late last year, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of conducting an unregistered ICO worth $ 1.3 billion. The agency claims that XRP belongs to the category of securities. In an interview with CNBC, Brad Garlinghouse revealed that Ripple is making great strides in its litigation with the US regulator.
“Despite the slow litigation with the SEC, we see good progress. The judge asks good questions, realizing that it’s not just about Ripple. Any decision will have broad implications for the entire cryptocurrency industry, ”Garlinghouse said, hoping to close the case next year.
He also named countries leading the way in developing cryptoasset regulation: the United Arab Emirates, Japan, Singapore and Switzerland. This month, the Monetary Authority of Singapore (MAS) said it would not ban cryptocurrencies. The department expressed its readiness to study digital assets, blockchain and smart contracts.
According to Garlinghouse, other countries that are not yet engaged in adapting legislation for the digital asset industry, or have imposed a ban on it, should take an example from these states.
It was recently revealed that Indian banks are sending out emails to customers warning of the risks of investing in cryptocurrencies. However, Garlinghouse believes that the industry is developing in a positive way, as international regulators began to actively work out the regulatory framework for the supervision of cryptocurrencies.
In October, Garlinghouse said that if it hadn’t been for the SEC dispute, XRP would still be the second-largest coin by market capitalization.