Ripple (XRP-USD) is one of the most interesting cryptocurrencies right now, given the current controversy surrounding centralized banking as well as the company’s legal trouble with the U.S. Securities & Exchange Commission (SEC). Now today, the chatter around XRP is ramping up significantly. While the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system is a key point in the U.S. sanctions against Russia, international remittance cryptos like XRP are coming into the spotlight. What’s more, Ripple is indicating its SEC lawsuit may soon to come to an end.
It has been a busy month for Ripple, to say the least. Earlier in March, CEO Brad Garlinghouse had to go to bat for the company. Because global powers decided to bar several Russian central banks from SWIFT, critics believed Ripple would be a prime venue for Russia to circumvent sanctions. After all, both RippleNet and SWIFT use Corda to settle transactions and Ripple is compliant with ISO 20022, a burgeoning global standard for international banking. Plus, its fees vastly undermine those associated with SWIFT.
As a result of the chatter, Ripple and Garlinghouse were in the hot seat. Yet, the CEO remains firm that Ripple is doing everything required of it by the sanctions. Moreover, plenty of outlets and experts have come to the company’s defense, saying crypto is too public and traceable to accommodate Russia’s needs.
Now, the international scrutiny is falling to the wayside. Talk of Ripple today favors more longstanding issues that have plagued it in the last two years. Specifically, some great news is making waves regarding its SEC lawsuit. The update? A legal expert with close ties to the case says Ripple plans an exit from the courtroom battle this year.
Ripple Gives an Expected Window for SEC Lawsuit to Close
In late 2020, the SEC decided to go after Ripple for what it calls an “unregistered securities offering.” Ripple’s initial coin offering (ICO), a common way of launching a crypto, is being targeted as an illegal fundraiser. This accusation has brought months and months of argument and much speculation about the progress of the case. But, while some moments showed hints of an end, the case remains unresolved as of yet.
According to attorney Jeremy Hogan, however — who is closely reporting on the case for Ripple fans — the end may finally be in sight. Hogan says the company itself has an expected window for when the case will be resolved. New documentation shows that Ripple expects the suit to close between Aug. 26 and Nov. 18 of this year. (Of course, this doesn’t include the possibility of settlement, which could adjourn the case at any moment.)
But that’s not all. Atop this news, there are also indications that both XRP bulls and SEC insiders alike expect Ripple to be overwhelmingly victorious. Reports coming out of the SEC show internal pessimism about the state of the lawsuit. SEC commissioner Hester Peirce, a crypto bull herself, is allegedly saying the SEC won’t see the outcome it’s hoping for when all is said and done.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
