The CEO of Ripple Labs says that the lawsuit introduced by the U.S. Securities and Exchange Commission (SEC) in opposition to him and his firm over XRP “has gone exceedingly well.” He careworn: “This case is important, not just for Ripple, it’s important for the entire crypto industry in the United States.”
Ripple’s CEO Comments on SEC Lawsuit Over XRP
Ripple CEO Brad Garlinghouse mentioned the SEC lawsuit over the sale of XRP throughout a hearth chat on the Paris Blockchain Week Summit Thursday.
The U.S. Securities and Exchange Commission sued Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020 over the sale of XRP, which the securities watchdog mentioned is an unregistered safety providing. Ripple has disputed the SEC’s findings, insisting that XRP isn’t a safety.
Garlinghouse shared:
The lawsuit has gone exceedingly nicely, and a lot better than I might have hoped when it started about 15 months in the past.
However, he famous that “the wheels of justice move slowly.” In November final 12 months, Garlinghouse mentioned he expects the lawsuit to conclude this 12 months. “We’re seeing pretty good progress despite a slow-moving judicial process,” he mentioned on the time.
Earlier this week, a choose dominated that the SEC can not edit the contents of emails purporting to indicate conflicts of curiosity concerning how the securities regulator handled XRP and different crypto tokens, together with ether (ETH).
Ripple is rising regardless of the continued lawsuit, Garlinghouse famous. “We’re having record growth,” he remarked Thursday. In January, he mentioned that Ripple’s valuation has risen to $15 billion, emphasizing that his firm’s monetary place is the strongest ever regardless of the lawsuit over XRP.
Garlinghouse additional defined on the hearth chat that if Ripple loses the lawsuit in opposition to the SEC, then most tokens buying and selling on cryptocurrency exchanges can be equally deemed securities and must register with the regulator. “That’s cost, that’s friction,” the chief exclaimed, stressing:
If you identify XRP as a safety of Ripple, we’ve got to know each individual that owns XRP … That’s an SEC requirement. You should know all your shareholders. It’s not attainable.
“This case is important, not just for Ripple, it’s important for the entire crypto industry in the United States,” the chief opined, noting that there’s a lot at stake if the SEC efficiently classifies XRP as a safety. “It would really be negative for crypto in the United States.”
Do you suppose Ripple will win the lawsuit in opposition to the SEC and XRP is not going to be thought-about a safety within the U.S.? Let us know within the feedback part beneath.
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