Ripple is issuing an update on the lawsuit filed by the U.S. Securities and Exchange Commission alleging that the payments company sold XRP as an unregistered security.
In its 2022 fourth quarter report, Ripple says that it expects a ruling this year and is “more confident” than ever ahead of the judgment to be made.
“On December 2, Ripple’s reply brief in support of its motion for summary judgment where the company asked the court to grant judgment in the company’s favor was made public.
After two years of fighting this lawsuit on behalf of the entire crypto industry and American innovation, the case is fully briefed and Ripple is proud of its defense and feels more confident than ever as it awaits the Judge’s decision.
Decision timing is in the Judge’s hands but the company is hopeful to see a ruling in 2023.”
Even though the courts have not indicated when a judgment is likely to be delivered, Ripple CEO Brad Garlinghouse last month said that the payments firm was expecting a ruling in the “coming single-digit number of months.”
On the possibility of Ripple reaching a settlement with the SEC, Garlinghouse said,
“The only way that Ripple would settle, and I’ve said this at the very beginning, the only way we would settle is if there’s clarity that XRP is not a security on a go-forward basis…”
Ripple’s chief technology officer David Schwartz recently argued that XRP fits the definition of a commodity.
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