Ripple CEO Updates on SEC Lawsuit Verdict Timeline

Ripple's Binance-Based Defense Dismissed by SEC as Irrelevant

Brad Garlinghouse, CEO of Ripple Labs, recently shared an update on the expected timeline for the final verdict in the SEC lawsuit. Speaking at the XRP Ledger Apex 2024 conference, Garlinghouse expressed optimism about a resolution soon, although he noted that Judge Analisa Torres will ultimately set the timeline.

Garlinghouse estimates that Judge Torres could issue the final verdict by the end of summer 2024. He clarified that summer might extend beyond August to September 21, marking the astronomical end of the season. “We can’t control the outcome now; the judge will decide when she decides. I estimate it will be sometime before the end of the summer. Someone asked if summer ends in August; I pointed out that September 21st is the end of summer,” he remarked.

Questioning SEC’s Focus On XRP

Moreover, Garlinghouse expressed frustration with the SEC’s decision to target XRP before other crypto assets. He questioned the timing and rationale behind this move, suggesting that many other cryptocurrencies also need scrutiny. “There are things that are super frustrating. Why did the SEC go after XRP first?” Garlinghouse questioned.

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Despite these frustrations, Garlinghouse remains optimistic that the multi-year legal battle is nearing its conclusion. He projects that the court will issue the final verdict before September 21. This isn’t the first time he has predicted an end date for the lawsuit. In 2022, he projected a resolution in the first half of 2023. Later, during the 2023 Dubai Fintech Summit, he updated the timeline to the end of Q3 2023. 

Complexity Of The Lawsuit

The complexity of the SEC v. Ripple lawsuit makes it challenging to predict an accurate timeline for the final resolution. However, most experts following the case believe the court will issue the final verdict this year. Earlier reports indicated that prominent XRP community figure Ashley Prosper speculated that the only factor delaying the final verdict is the ruling on whether SEC’s official Andrea Fox is an expert or summary witness.

Related article: Ripple CEO’s $10 XRP Countdown: 2025 ETF Approval to Ignite Crypto Payday?

For context, the SEC submitted Fox’s declaration in support of its opening remedies-related brief on March 22. Ripple filed a rebuttal a month later, asking the judge to exclude the declaration while portraying her as an expert witness. The court’s ruling on this matter will significantly impact the case’s outcome. 

Thus, the court will address this issue before making a final decision. Despite these projections, there is still no official date for the final verdict. Garlinghouse’s recent update adds a layer of optimism and anticipation, indicating that the legal battle’s end might be within reach by late summer 2024.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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