- Ripple and the SEC battle will end “very soon,” said Brad Garlinghouse on July 18.
- A closed-door meeting was expected on July 18th but was canceled at the last minute.
- Lawyer Marc Fagel said that a settlement meeting will take 1-2 months to materialize.
Ripple’s long-running legal battle with the SEC over the classification of its XRP cryptocurrency may be nearing a resolution, as CEO Brad Garlinghouse hints at a conclusion in an interview with Bloomberg.
Speculation of a settlement has been swirling, but the outcome remains uncertain, leaving the crypto community on edge as it awaits a decision. Some anticipate a settlement, while others believe a ruling favoring Ripple as the more likely outcome.
Garlinghouse avoided predicting an exact end date, but revealed that Ripple has spent $150 million on legal fees during its three-year battle with the SEC. He emphasized the case’s importance on the crypto industry and Ripple’s ongoing push for regulatory clarity in the U.S.
Last year, Judge Analisa Torres ruled that XRP wasn’t a security when sold to retail investors. However, in another Ripple case, Judge Phyllis Hamilton suggested XRP might be a security, creating confusion among legal experts.
Hamilton tossed out bulk of the class action lawsuits that Ripple faced, but allowed one individual claim to proceed. This claim alleged that Garlinghouse’s 2017 statements about XRP sales misled investors and caused substantial losses. Hamilton stated, “The [court] cannot find as a matter of law that Ripple’s conduct would not have led a reasonable investor to have an expectation of profit due to the efforts of others.”
On the other hand, Lawyer Marc Fagel posted on X (formerly Twitter) that a settlement is unlikely, due to the absence of an official court filing.
He noted that while closed-door settlement meetings occur weekly, they typically take one to two months to materialize. A settlement was initially expected on July 18th but was canceled, with the next date set for Thursday. However, based on Fagel’s insights, a resolution may take longer than anticipated.
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