Ripple Labs CEO Brad Garlinghouse reveals that the firmโs court case with the Unitedย 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 XRPย Rippleย (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 Rippleโs success in the ongoing lawsuit will have wholeย lotย of implications for the industry of digitalย currency as a whole. Accordingย to recent developments relating to the SECโs previous Director of Corporate Finance William Hinman and his speech declaring Ethereumย (ETH) a non-security, Garlinghouse reveals he expects a court decision in weeks, rather than months.
โ Inย termsย ofย where things stand today โ Iย will try to not get asย well much into the legal weeds โ you are right that I feel very confident that weโll see a decision from the courts inย theย year. Inย reality, I think I would guess that it will be in weeks, not months. There were some decisions that happened pastย week that you may have read about. The judge ruled against the SECโs attemptย to redact certain information, a very kind of infamous speech that the then Director of Corporate Finance Bill Hinman gave, talking about why Ethereumย (ETH), in his view, is not a security.
The court just ruled pastย 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 thatโs a huge win for transparency. Onย theย otherย hand, what it really calls out is, there really hasnโt been clarity, regardlessย of calls and demands from leaders across the cryptocurrency industry.โ
The Ripple CEO remains committed to completing the fight but admitsย that the ongoing conflict with the SEC and the absence of clear regulations in the Unitedย States have resulted in numerous industry players relocating or outsourcing.
โRipple decided to lean in and fight this fight, both for Ripple and the whole industry. Weโve spent a amountย ofย money defending it. And I think what weโve wasย known out is the Government in the United States, and the SEC particularly, is putting politics ahead of smart policy. Asย aย resultย of that, youโre seeing entrepreneurs going overseas, youโre seeing corporations like Ripple โ most of our hiring is non- Unitedย States now. Most of our customersโฆ are non- Unitedย States. I think itโs kind of to be expected thatโs whatโs going to happen.โ
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