Ripple CEO Brad Garlinghouse Frustrated with SEC’s Persistence
In a recent interview at the Singapore Token2049 conference, Ripple CEO Brad Garlinghouse expressed his frustration with the Securities and Exchange Commission’s (SEC) ongoing appeal regarding a court decision. He criticized the government for using unlimited resources to fight a battle they have already lost, adding that Ripple has spent over $100 million in legal fees as a result.
Garlinghouse Remains Optimistic
Despite the challenges, Garlinghouse remains optimistic about the outcome. He highlighted that the judge has already stated that XRP is not a security, but the SEC’s appeal is more nuanced, focusing on the presence of an investment contract. Garlinghouse believes that as the case progresses through the appellate court system, the chances of a favorable outcome for Ripple increase.
The Future of Crypto Companies in the US
When asked about the future of crypto companies in the US, Garlinghouse acknowledged the tough spot they are currently in. However, he anticipates potential shifts in the regulatory landscape with a new administration and expects Congress to eventually take action. He also pointed out the SEC’s recent losses in court, where judges criticized the agency for being arbitrary and capricious.
Ripple Pushed Out of the US
In addition to the legal battle, Garlinghouse revealed that over 80% of Ripple’s hiring this year will be outside the US. This decision is a consequence of the ongoing legal dispute with the SEC. Garlinghouse praised jurisdictions like Singapore, Hong Kong, the UK, and Dubai for their proactive approach to crypto regulation.
Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC pic.twitter.com/nZJyMMBvpY
β Bloomberg Crypto (@crypto) September 13, 2023
Ripple’s Challenges in the US Regulatory Landscape
The SEC, led by Chair Gary Gensler, has taken a stringent stance on cryptocurrencies following market disruptions in 2022. Gensler believes that most tokens are securities and should be regulated by the SEC. However, Congress has been slow in providing clarity on the status of crypto. At present, XRP is trading at $0.4779.
Hot Take: Ripple Struggles with SEC Appeal, but CEO Remains Hopeful for a Favorable Outcome
Ripple CEO Brad Garlinghouse expressed frustration with the SEC’s persistence in appealing a court decision regarding XRP’s status. Despite the significant financial toll on Ripple and the tough spot for crypto companies in the US, Garlinghouse remains optimistic. He believes that as the case progresses through the appellate court system, the chances of a favorable outcome increase. Garlinghouse also highlighted the SEC’s recent losses in court and potential shifts in the regulatory landscape with a new administration. Additionally, he revealed that Ripple will be doing most of its hiring outside the US. While facing challenges in the US, Ripple is turning to jurisdictions with proactive crypto regulations for growth.
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