Ripple’s CEO opines on the possible outcome of a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) regarding sales of xrp, which the regulator claims is an unregistered securities offering.
Ripple’s CEO discusses the implications of the SEC’s victory
Ripple CEO Brad Garlinghouse discussed the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against XRP XRP earlier this month in a interview with Axios at an event called Collision 2022.
The SEC sued Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020, alleging the sale ofXRPXRPwas an unregistered securities offering. Ripple disagreed with the SEC and has been in a legal battle with securities regulators ever since.
In an interview, Garlinghouse was asked what would happen if the ruling did not go in his favor andXRPwas deemed an unregistered security. if XRPwas deemed a security. He clarified that.
The SEC only has jurisdiction in the U.S., and in a way … it’s as if they lost the case because of how the world is moving right now.
He added that investors cannot tradeIn the U.S., you can trade XRPon most platforms. Coinbase, for example,stopped trading XRP shortly after the SEC filed suit against Ripple.
“If Ripple loses the case, will anything change? Basically, the status quo will remain the same. Ripple is still growing very, very rapidly,” Garlinghouse said.
Garlinghouse Bets on Winning vs. SEC
Emphasizing that Ripple is betting on winning its case against the securities regulator, the executive affirmed.
I’m betting that because I think the facts are on our side. the law is on our side.
“I think the SEC is massively overstepping and trying to take sort of ownership of jurisdiction over something … I think they look at this gray area and they’re like, ‘Hey, we’re going in,'” the Ripple executive explained.
He added, “It’s frustrating that it’s taking this long. I think there are a lot of companies that understand how important this is to the industry as a whole.”
In April, Stuart Alderoty, Ripple’s legal counsel, tweeted, ” Now the resolution is going to be in 2023 – and every day that passes is hurting US citizens who were essentially victims of the SEC rug pulling.64} at $15B. the market cap of XRPwas destroyed the day the lawsuit was filed, hurting the people the SEC purports to protect.”
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