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The SEC lawsuit is going'much better than I thought,' according to Ripple's CEO.

REUTERS/Chris Helgren/File Photo

As the company's long legal battle with the US Securities and Exchange Commission nears a resolution, Ripple CEO Brad Garlinghouse is optimistic and growing more hopeful that the blockchain-based global payments company's long-running lawsuit with the Securities and Exchange Commission (SEC) will end in a win.

On Thursday, Garlinghouse informed guests of the fireside talk at Paris Blockchain Week that Ripple's defense in the current lawsuit was progressing better than he expected.

“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”

Ripple, a blockchain-based alternative to SWIFT, the worldwide interbank messaging system that facilitates billions of dollars in daily payments, was founded in 2012. The firm's software is sold to banks and fintech firms.

The SEC sued Ripple and its top executives Brad Garlinghouse and Christian Larsen in 2020 for selling unregistered XRP securities.

A RippleNet community lawyer stated Ripple has achieved a "very big victory" against the SEC after Presiding Judge Sarah Netburn refused the SEC's request to reconsider protecting documents under privilege.

The papers were linked to a lecture given by William Hinman, a former SEC Director, in which he stated that Bitcoin (BTC) and Ethereum (ETH) are not securities.