CEO Ripple Brad Garlinghouse says that the lawsuit Sec filed against the company almost 15 months ago is going even better than what he had expected.
During a recent talk with CNBC’s Ryan Brownie, on the main stage of Paris Blockchain Week, Brad Garlinghouse said that their defence in the Sec-Ripple case is faring better than his expectations. Conversing with the attendees of fireside chat, Garlinghouse stated:
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”
It is to be remembered that Sec had filed a lawsuit against Ripple in December 2020. The lawsuit leveled allegations on both Ripple CEO and Co-Founder, Brad Garlinghouse and Chris Larsen, of Selling XRP tokens worth $1.3 billion as security although the asset was not actually registered with any of the relevant government agencies as security.
While initially it was thought that Ripple won’t be able to fight the agency and would lose eventually, it actually turned out that the case was not only ill-prepared but was also wrongly directed.
Since proceedings of the lawsuit have started Ripple is winning most of the crucial motions. Most recently Magistrate Judge Sara Netburn denied the agency’s motion asking to reconsider the court’s ruling regarding documents concerning William Hinman’s 2018 speech. Firstly, SEC didn’t object to the disclosure of documents as they perceived it Hinman’s own views and not of the regulator, but now finding themselves in a difficult spot, they are seeking ‘dpp’ or deliberative privilege process to be applied to the documents.
Moreover, according to a recent report, in a talk between SEC officials and former SEC chairman the latter warned the agency against the harm of filing the lawsuit against Ripple as it would damage XRP holders’ interests.
SEC’s main object is to regulate the market to the interest of investors but in this very case SEC is effectively doing the exact opposite.