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Ripple CEO Discusses Potential Outcome of SEC Lawsuit Over XRP – Regulation Bitcoin News
Ripple’s CEO has shared his views on the possible outcome of the lawsuit filed by the US Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims is an unregistered securities offering.
Ripple’s CEO discusses the implications of the SEC winning the lawsuit
Ripple CEO Brad Garlinghouse discussed the lawsuit filed by the US Securities and Exchange Commission (SEC) over XRP earlier this month in an interview with Axios at the Collision 2022 event.
The SEC sued Ripple Labs, Garlinghouse and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since fought a legal battle with the securities regulator.
During the interview, Garlinghouse was asked what would happen if he doesn’t get a ruling in his favor and XRP is considered a security.
The Ripple CEO was quick to emphasize that in that situation, XRP would only be considered a security in the US. He explained:
The SEC only has jurisdiction in the US and in some ways… The way the world works right now it’s like the case is lost.
He added that investors cannot trade XRP in the US on most platforms. Coinbase, for example, stopped trading XRP soon after the SEC filed its lawsuit against Ripple.
“If Ripple loses the case, will anything change? It’s basically just the status quo. Ripple is still growing very, very quickly,” Garlinghouse said.
Garlinghouse is banking on a win against the SEC
Emphasizing that he is betting that Ripple will win the case against the Norwegian Securities and Exchange Commission, the director confirmed:
I’m betting on it because I think the facts are on our side. I bet on it because the law is on our side.
“I think the SEC has massively overreached and is trying to take some kind of jurisdictional ownership over something that is … I think they saw this gray area that they’re like ‘hey, we’re going to go in,'” the Ripple CEO explained.
He added: “It is frustrating that it is taking so long. There are many companies, I think, who realize how important this issue is to the entire industry.”
In April, Stuart Alderoty, legal counsel at Ripple, tweeted: “It now looks like a resolution will come in 2023 – and every day that passes hurts American citizens who were essentially victims of an SEC blanket pull. $15 billion in XRP market cap was destroyed the day the lawsuit was filed, hurting the very people the SEC purports to protect.”
Do you think the SEC will win the lawsuit against Ripple over XRP? Let us know in the comments section below.
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