Ripple CEO Announces Legal Strategy
Ripple CEO Brad Garlinghouse recently announced the company’s legal strategy against the U.S. Securities and Exchange Commission (SEC). Both parties have agreed on a briefing schedule on remedies for its Section 5 violations concerning its institutional sales of XRP. Ripple aims to challenge the SEC’s claim on $770 million in disgorgement.
Brad Garlinghouse Slams US SEC
In a discussion with CNBC on November 10, Ripple CEO Brad Garlinghouse expressed increased confidence after three consecutive victories over the U.S. SEC. He cited the July 13 judgment by Judge Torres, which made it clear that XRP is not a security, allowing crypto exchanges to relist XRP and boosting its price. He also mentioned the SEC’s request for an interlocutory appeal being denied and the charges against Ripple executives being dropped with prejudice.
Garlinghouse criticized the SEC’s repeated approach and referenced Grayscale’s victory in a Bitcoin ETF case as evidence of the SEC’s arbitrariness.
Regarding the next steps in the lawsuit, Garlinghouse said that Ripple will challenge the judge’s decision about remedies, focusing on investors’ losses and securities laws pertaining to institutional investors. He believes this will benefit the entire industry, emphasizing the need for regulatory clarity and practical utility.
Ripple CEO’s Market Prediction
Garlinghouse also made a long-term prediction for the crypto market, foreseeing significant price movements based on Bitcoin halving, ETF approvals, and historical patterns. Despite emphasizing regulatory clarity and practical utility as essential for industry growth, he remains optimistic about macroeconomic factors continuing to drive growth.
Currently trading at $0.65, up 32% in a month and 85% in a year, XRP is expected to experience significant gains in the next bull market.
Hot Take: Brad Garlinghouse’s Perspective
Brad Garlinghouse’s stance against the SEC highlights his confidence in Ripple’s legal position while advocating for industry-wide regulatory clarity and practical utility as key drivers of future growth.
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