Ripple seeing ‘good progress’ in SEC case over XRP, outcome expected next year

Ripple seeing ‘good progress’ in SEC case over XRP, outcome expected next year

Fintech company Ripple is making great strides in its legal feud with the U.S. Securities and Exchange Commission, CEO Brad Garlinghouse told CNBC on Monday. Garlinghouse said he expects the case, which centers on , the world's seventh-biggest cryptocurrency, will likely reach a conclusion next year. "We're seeing pretty good progress despite a slow-moving judicial process," he told CNBC's Dan Murphy. "Clearly we're seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications." Garlinghouse said he was hopeful there would be closure next year. Ripple, which is based in San Francisco, generated a lot of buzz during the crypto frenzy of late 2017 and 2018, which saw the prices of , and other cryptocurrencies skyrocket to record highs. XRP, a token Ripple is closely associated with, benefited from that rally, hitting an all-time high above $3. It's since declined dramatically from that price but is riding the latest crypto wave with a more than 370% gain year-to-date Ripple's technology is designed to let banks and other financial services firms send money across borders faster and at a lower cost. The company also markets another product that