Ripple CEO Updates SEC Lawsuit Timeline at Apex 2024 Conference

Brad Garlinghouse, the CEO of Ripple Labs, has provided a fresh update on the highly anticipated final verdict in the ongoing SEC lawsuit.

Speaking at the XRP Ledger Apex 2024 conference, Garlinghouse shared that Ripple remains optimistic about resolving soon. He emphasized that U.S. District Judge Analisa Torres will ultimately determine the timeline for the final verdict.

Nonetheless, Garlinghouse estimated that Judge Torres could issue the final ruling before the end of summer 2024. Notably, he clarified that the end of summer might extend beyond August to September 21, the date marked as the astronomical end of the season.

"We can't control that [the outcome of the final resolution] now; the judge will decide when she makes a decision. I estimate that it will be sometime before the end of the summer. Somebody asked me if summer is by the end of August; I pointed out that September 21 is the end of summer," Garlinghouse remarked.

Frustration Over SEC's Targeting of XRP

During his speech, Garlinghouse also expressed frustration with the SEC's decision to target XRP first before other crypto assets. The Ripple CEO questioned the timing and rationale behind the move.

"There are super frustrating things. Why did the SEC go after XRP 'first'?" he quizzed. This comment suggests that the SEC initiated legal actions against XRP when hundreds of other cryptos required similar scrutiny.

Meanwhile, Garlinghouse is optimistic that the multi-year legal tussle is nearing a conclusion. He projects that the court will issue the final verdict before September 21. This is not the first time Garlinghouse has predicted the potential end date of the SEC lawsuit.

In 2022, the Ripple CEO projected that the court would resolve the lawsuit in the first half of 2023. During the 2023 Dubai Fintech Summit, he updated the timeline to the end of Q3 2023.

Complexity of the SEC v. Ripple Lawsuit

The complexity of the SEC v. Ripple lawsuit makes it difficult for anyone to predict the final resolution's timeline accurately. However, most experts following the lawsuit believe the court will issue the final verdict this year.

As reported earlier, prominent XRP community figure Ashley Prosper speculated that the only factor delaying the final verdict is the ruling on whether SEC's official Andrea Fox is an expert or summary witness.

For context, the SEC submitted Fox's declaration in support of its opening remedies-related brief on March 22. Interestingly, Ripple filed a rebuttal a month later, asking the judge to exclude the declaration while portraying her as an expert witness.

The court's ruling on the matter will significantly impact the case outcome. Hence, the court will address the matter before the final decision. Besides projections, there is still yet to be an official date when the court will issue the final verdict.