Ripple Labs CEO Brad Garlinghouse reveals that the firm’s court case with the United States Securities and Exchange Commission (SEC) will conclude in the near future.
In December 2020, Ripple was sued by the SEC on the grounds of allegedly selling XRP Ripple (XRP) as an unregistered security.
During an interview with Tai Panich, the CEO of SCB 10X, a technology financing company, Garlinghouse expressed his belief that Ripple’s success in the ongoing lawsuit will have whole lot of implications for the industry of digital currency as a whole. According to recent developments relating to the SEC’s previous Director of Corporate Finance William Hinman and his speech declaring Ethereum (ETH) a non-security, Garlinghouse reveals he expects a court decision in weeks, rather than months.
“ In terms of where things stand today – I will try to not get as well much into the legal weeds – you are right that I feel very confident that we’ll see a decision from the courts in the year. In reality, I think I would guess that it will be in weeks, not months. There were some decisions that happened past week that you may have read about. The judge ruled against the SEC’s attempt to redact certain information, a very kind of infamous speech that the then Director of Corporate Finance Bill Hinman gave, talking about why Ethereum (ETH), in his view, is not a security.
The court just ruled past week that the notes in the emails associated with that are going to be made public, and should be public around June 13th. So I think that’s a huge win for transparency. On the other hand, what it really calls out is, there really hasn’t been clarity, regardless of calls and demands from leaders across the cryptocurrency industry.”
The Ripple CEO remains committed to completing the fight but admits that the ongoing conflict with the SEC and the absence of clear regulations in the United States have resulted in numerous industry players relocating or outsourcing.
“Ripple decided to lean in and fight this fight, both for Ripple and the whole industry. We’ve spent a amount of money defending it. And I think what we’ve was known out is the Government in the United States, and the SEC particularly, is putting politics ahead of smart policy. As a result of that, you’re seeing entrepreneurs going overseas, you’re seeing corporations like Ripple – most of our hiring is non- United States now. Most of our customers… are non- United States. I think it’s kind of to be expected that’s what’s going to happen.”
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