The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has entered its final phase, according to Ripple CEO Brad Garlinghouse. Both parties have submitted requests for expedited proceedings in an effort to convince the court to rule in their favor.
Ripple has argued that the SEC failed to clearly demonstrate that its digital asset, XRP, is a security. Instead, the company claims that the SEC has used every opportunity to interpret the law as it sees fit. The SEC, however, believes that it is not sufficient for Ripple to simply invoke due process. The fact that the company sold XRP in the US is proof enough that it broke securities law, according to the regulatory authority.
Garlinghouse said that all cards are now on the table and a court decision is expected within the next three to six months. He added: “I said on day one, we’re going to fight hard to get clear rules for the whole industry in the US. Congratulations to the entire Ripple team for getting us to this point. Because Ripple held on and withstood pressure from the SEC. I think it’s great to be on the right side of justice.”
