Ripple President Expects Positive Resolution to SEC Lawsuit by End of 2023
Monica Long, the president of Ripple Labs, recently spoke to CNBC about the ongoing lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple, alleging that its XRP token is a security.
She has long expressed her optimism that the lawsuit would be ruled in Ripple’s favor, stating that the “facts and the law” were on their side.
Long also noted that the crypto industry is seeking regulatory clarity and certainty from the US market regulator and that while the industry has seen action through enforcement, it really desires clear rules and regulations.
Considering the strength of Ripple’s case, she explained that the SEC’s losing the lawsuit is unlikely but that regulatory clarity would benefit the entire industry, not just Ripple.
The Ripple president stated that a ruling in the SEC lawsuit against the company could be delivered before the end of 2023. Both Ripple and the SEC have filed motions for summary judgment, leaving the decision in the hands of the judge. Long expressed optimism that a positive resolution would be reached sometime this year.
Regarding recent events such as the closure of crypto-friendly banks, Long believes that the recent crypto rally proves that crypto assets and blockchain technology are here to stay.
She noted that despite the sudden loss of three of the most crypto-friendly banks in the US, the industry had shown resilience and revived itself quickly. Long expressed her confidence that the industry will continue to grow and develop in the coming years.