Ripple CEO Highlights Ongoing Legal Battle with SEC
During a recent interview with CNBC, Brad Garlinghouse discussed the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) regarding the classification of XRP. Garlinghouse pointed out three legal victories for Ripple, including a ruling on July 13 that determined XRP is not a security. He also mentioned the dismissal of allegations against Ripple co-founder Chris Larsen and himself.
Ripple CEO Criticizes SEC’s Regulatory Approach
Garlinghouse criticized the SEC’s regulatory approach, expressing concerns about their enforcement and lawsuit patterns. He called for a change in the SEC’s approach and questioned who they are truly protecting in this process.
Garlinghouse also commented on the potential approval of exchange-traded funds (ETFs), acknowledging that an approved ETF could bring significant capital to the market. However, he emphasized the importance of regulatory clarity, utility, and scalable problem-solving for industry growth.
Pro-XRP Lawyer Challenges SEC’s Disgorgement Demand
In a separate development, pro-XRP lawyer John Deaton challenged the SEC’s $770 million disgorgement demand, stating that Ripple would not come close to paying that amount. Deaton argued that the SEC’s claim for disgorgement related to XRP sales in various jurisdictions is flawed, as XRP is considered a non-security in those areas.
Deaton highlighted that a petition filed by 75,000 XRP holders claimed that the SEC, not Ripple, was causing harm, further bolstering Ripple’s position.
Hot Take: Implications of Ongoing Legal Battle
The remarks made by Brad Garlinghouse and John Deaton underscore the ongoing legal battle between Ripple and the SEC. The outcome of this case will likely have significant implications for the cryptocurrency industry as a whole.
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