Ripple (XRP) Labs CEO Brad Garlinghouse offered a hopeful update on the long-running SEC lawsuit during the XRP Ledger Apex 2024 conference. While the final decision rests with Judge Analisa Torres, Garlinghouse expressed optimism for a resolution soon, potentially by the end of summer 2024.
Summer Verdict with a Twist
Garlinghouse acknowledged the judge’s ultimate authority over the timeline. However, he ventured an estimate: “It will be sometime before the end of summer. Someone asked if summer ends in August; I pointed out September 21st is the astronomical end of summer.” This clarification highlights the possibility of the verdict extending beyond the typical August timeframe.
Frustration with SEC’s Focus on XRP
The Ripple CEO voiced his discontent with the SEC’s decision to prioritize XRP over seemingly similar crypto assets. “Why did the SEC go after XRP ‘first’?” he questioned. This implies a selective approach by the SEC, potentially overlooking other cryptocurrencies in need of scrutiny.
A History of Predictions and Ongoing Complexity
This isn’t Garlinghouse’s first attempt to forecast the lawsuit’s conclusion. In 2022, he anticipated a resolution by mid-2023. He later revised his estimate to the end of Q3 2023 at the 2023 Dubai Fintech Summit. The lawsuit’s intricate nature makes precise predictions challenging.
Expert Opinions and Key Factors Influencing the Verdict
Despite the inherent uncertainty, most experts following the case believe a verdict will arrive this year. A prominent figure in the XRP community, Ashley Prosper, previously suggested that the court’s decision regarding SEC official Andrea Fox’s witness status could be a potential delaying factor. The SEC submitted Fox’s declaration for its remedies brief, while Ripple countered by arguing for its exclusion, classifying Fox as an expert witness. The court’s ruling on this matter could significantly impact the case’s outcome.
Ripple Brad Garlinghouse predicts the final verdict from court by end of this summer "September 21th" David Schwartz Giggles 🤣 pic.twitter.com/0L3MOUHa3K
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 12, 2024
The Verdict Awaits
While Garlinghouse’s update offers a potential window, an official verdict date remains elusive. The XRP community awaits Judge Torres’ final decision, which will likely address the Andrea Fox situation, before concluding the years-long legal battle.