According to the CEO of Ripple, the US government moved several crypto companies to more friendly jurisdictions because it prioritized politics over sound policy.

Speaking at the ReDEFiNe Tomorrow 2023 conference, Ripple (XRP) CEO Brad Garlinghouse predicted that the Court would rule on its case with the U.S. Securities and Exchange Commission “in weeks, not months.”

“I feel very confident that we’ll see a decision from the Court in this year. In fact, I will guess that in weeks, not months.”

Garlinghouse recently anticipated that a decision would be conveyed in no less than a half year, as per a video shared by President at Alpha Lions Foundation. However, Judge Analisa Torres denied the Commission’s attempt to seal documents related to William Hinman’s 2018 speech, in which he expressed his opinion on the classification of cryptocurrencies, indicating that his views have changed.

The appointed authority decided that the archives ought to be made public since they are “applicable to the presentation of the legal capability and valuable in the legal cycle.”

Since December 2020, Ripple has been fighting allegations that it sold securities that were not registered with the SEC.

Garlinghouse highlights the lack of regulatory clarity

In the interim, Garlinghouse said the Court’s choice not to give the SEC’s solicitation was a gigantic success for straightforwardness, adding that he anticipates that the reports should be unveiled by June 13.

As per him, the judgment features the absence of administrative lucidity in the U.S. notwithstanding a few endeavors to get the controllers to act.

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Cryptocurrency companies like Ripple and Coinbase have consistently argued that the United States’ current regulatory framework is inappropriate for the sector. However, the SEC insists that it is not obligated to develop new crypto-specific regulations.

SEC is placing ‘politics ahead of smart policy.’

The Wave Chief proceeded with that the U.S. government and the SEC put “legislative issues in front of shrewd strategy,” pushing a few crypto firms to more amiable purviews.

“…Because of that, you are seeing entrepreneurs go overseas.”

In addition, Ripple has been expanding its overseas business with the recent acquisition of Switzerland-based digital asset custody provider Metaco” and expanding its On-Demand Liquidity (ODL) service in Japan through a partnership with SBI Remit. Garlinghouse stated that the majority of his company’s new employees and customers were non-U.S.

In response to the uncertain regulatory environment in the United States, several other U.S.-based crypto firms, such as Coinbase and Gemini, have been expanding their operations. Cameron Winklevoss, co-founder of Gemini, stated that the regulatory obstacles in the United States were making it difficult “to get anything done there.”