Ripple CEO: Lawsuit with SEC nearing resolution, XRP up 13% in a week

Ripple CEO Brad Garlinghouse recently stated in an interview with Bloomberg that the company will "soon" resolve its years-long lawsuit with the U.S. Securities and Exchange Commission (SEC). The token XRP has been on the rise since early July, reaching 0.3823 USD, with increased user activity on the XRP Ledger.

Ripple's legal battle with the SEC is entering its final arguments, with a result expected in September.

The Crypto Industry Needs a Clear Path

Garlinghouse also mentioned in an interview that the crypto industry needs a clear path. The blockchain technology can indeed change the cost and efficiency of financial transactions, so he hopes this industry can be regulated, just like the internet was protected by clear regulations in the United States at the beginning of its development. This allowed startups to be established, funds to flow in, and consequently made the U.S. the center of this technology.

He also mentioned that the UK, Japan, Singapore, and even the EU have successively proposed cryptocurrency regulatory frameworks. However, the SEC, through repeated lawsuits, has not only failed to solve the problem but has also cost a lot of money. For example, Ripple has spent $150 million in lawsuits over three years, but not every company can afford to do so.

Seeing the Republican Party's platform leaning towards digital assets, he finds it refreshing. Super Political Action Committees supported by top cryptocurrency companies have become major donors in this election cycle. Of the $160 million raised, 94% came from four companies: Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.

Republican Party 2024 Platform Includes Cryptocurrency: Opposing CBDC, Defending People's Digital Asset Ownership

Garlinghouse also mentioned that the company will "soon" resolve the years-long lawsuit with the U.S. Securities and Exchange Commission (SEC).

User Activity Increases, XRP Rises

The blockchain analysis platform Santiment pointed out that user activity on Ripple's XRP Ledger has recently increased, with active addresses and new address creation reaching the highest daily levels since March last Thursday.

Ripple's token XRP has also risen from $0.3823 in early July to $0.5944 at the time of writing, a 13% increase in a single week.