Ripple CEO Brad Garlinghouse Discusses Legal Battle with SEC and International Expansion
Ripple CEO Brad Garlinghouse recently sat down with Bloomberg reporter Annabelle Droulers to address various topics, including Ripple’s ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC), the company’s global expansion, and the state of the cryptocurrency industry. Garlinghouse expressed frustration with the SEC’s lack of collaboration with the crypto community, highlighting jurisdictions such as Singapore, Hong Kong, the U.K., and Dubai that are partnering with the industry to establish clear regulations. He criticized SEC Chair Gary Gensler’s approach, describing him as solely focused on regulation. Despite spending over $100 million on their defense, Garlinghouse remains optimistic about the outcome, citing the judge’s statement that XRP is not a security. He also revealed that 80% of Ripple’s hiring in 2022 will be outside the U.S. as the country has fallen behind as a global crypto hub. However, Garlinghouse believes that changes in administrations and potential congressional action could reverse this trend.+
Ripple’s Growth and Expansion Despite Regulatory Challenges
Despite facing regulatory hurdles and low trading volumes, Ripple has continued to grow. Garlinghouse mentioned that the company has a strong balance sheet and has made acquisitions to expand its product suite. Ripple aims to serve as an infrastructure provider for blockchain and crypto technologies. Garlinghouse also addressed the recent security compromise at Fortress Trust, a crypto custodian that Ripple is acquiring. He clarified that the issue was a result of an end-user compromise caused by a spear-phishing attack, emphasizing that such attacks are a risk in both crypto and traditional banking. Ripple ensured that affected customers were compensated, reaffirming their commitment to security. Garlinghouse expressed concern about the lack of regulatory clarity rather than the strictness of regulations. He criticized the SEC for causing confusion and praised the appellate court system in the U.S., which tends to be more conservative, as he believes it favors Ripple.
Hot Take: Ripple CEO Brad Garlinghouse Shares Optimism Amid Legal Battle with SEC
Ripple CEO Brad Garlinghouse remains optimistic despite the ongoing legal battle with the SEC. In an interview, he expressed frustration with the SEC’s lack of engagement with the crypto community and praised other jurisdictions for providing clear regulations. Garlinghouse believes that the judge’s statement that XRP is not a security supports their case. He also revealed that Ripple plans to focus 80% of its hiring outside the U.S. in 2022. Despite regulatory challenges, Ripple continues to grow and expand, aiming to be an infrastructure provider for blockchain and crypto technologies. Garlinghouse emphasized the importance of security and addressed a recent security compromise at Fortress Trust, assuring affected customers that they would be compensated. Despite the lack of regulatory clarity, Garlinghouse remains optimistic about Ripple’s future, particularly due to the conservative nature of the U.S. appellate court system.
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