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Ripple Director: Agreement with SEC is not very likely

Brad Garlinghouse, CEO of Ripple, is unlikely to settle with the United States Securities and Exchange Commission (SEC) in the case of the alleged sale of $1.3 billion in unauthorized securities.

According to Valex and quoted by Cryptoglobe, Garlinghouse said during an interview with CNBC that an agreement with the SEC is only possible if the agency accepts that Ripple’s digital currency (XRP) is not a security. While Gary Gensler, the current head of the commission, believes that all cryptocurrencies are securities.

Garlinghouse added:

The only solution to the deal is for the SEC to make it clear that XRP is no longer a security. The probability of such a thing is zero in my opinion.

This means that the assignment of this lawsuit will be determined by the judge’s decision.

According to the CEO of Ripple, this ruling can be issued this year. He expects the outcome of the court to be known in “2023”. He added that “it is impossible to have control over the timing of a judge’s decision.” However, he hopes that this will happen in less than 10 months.

In a sense, Ripple is fighting the case on behalf of the entire cryptocurrency industry. Several companies active in the field requested the court to appear in the hearings as a “friend of the court” – a legal term meaning a party that does not have a direct interest in the case, but can have the opportunity to be present and express an opinion.

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