The long term dispute between Ripple and the United States Securities and Exchange Commission is nearing its end, according to Ripple’s CEO.
In 2020 the SEC charged Ripple with claims of selling unlicensed securities in the form of XRP tokens since 2013. Ripple denied the claims, stating that XRP should not be considered a security.
The SEC claimed Ripple could have been aware that XRP could be a security from its legal advisors before moving forward with its token sale, and filed a motion to access the defendant’s legal advice. The court denied the motion, citing the attorney-client privilege.
Top Ripple executives shared insights on the case and its impact on business. They stated that Ripple’s growth to the Asia-Pacific region was unharmed by the SEC lawsuit. The company is also looking at a possible initial public offering as soon as the case is concluded.
Support arrived from XRP token holders, who filed a friends of the court briefs, which would allow them to join the case as defendants and support Ripple in its claims that the token does not violate securities laws. However, the judge ruled in October that individual XRP holders cannot act in Ripple’s ongoing lawsuit as defendants.
