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Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP

News Feed - 2022-07-28 10:07:23

Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP


Ripple’s chief executive has shared his views on possible outcomes of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims to be an unregistered securities offering. Ripple’s CEO Discusses Implications of SEC Winning the Lawsuit


Ripple CEO Brad Garlinghouse discussed the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over XRP earlier this month in an interview with Axios at the Collision 2022 event.


The SEC sued Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator.


During the interview, Garlinghouse was asked what would happen if he does not get a ruling in his favor and XRP is deemed a security.


The Ripple executive quickly emphasized that in that situation, XRP would only be considered a security in the United States. He clarified: The SEC only has jurisdiction in the United States, and in some ways … How the world is operating right now is as if the case has been lost.


He added that investors cannot trade XRP in the U.S. on most platforms. Coinbase, for example, halted trading of XRP soon after the SEC filed the lawsuit against Ripple.


“If Ripple loses the case, does anything change? It’s basically just status quo. Ripple is still growing very, very quickly,” Garlinghouse said. Garlinghouse Is Betting on Winning Against SEC


Emphasizing that he is betting that Ripple will win the case against the securities regulator, the executive affirmed: I’m betting that because I think the facts are on our side. I’m betting that because the law is on our side.


“I think the SEC has massively overstepped and is trying to take kind of jurisdictional ownership over something that is … I think they saw this gray area they’re like ‘hey we are going to go in,"” the Ripple executive explained.


He added: “It’s frustrating it’s taking this long. There’s a lot of companies, I think, that realize how important this case is to the whole industry.”


In April, Stuart Alderoty, legal counsel at Ripple, tweeted: “It now looks like a resolution will come in 2023 — and each day that passes is hurting U.S. citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.” Tags in this story Brad Garlinghouse, Brad Garlinghouse lawsuit, Brad Garlinghouse xrp, ripple lawsuit, Ripple lawsuit SEC, Ripple xrp lawsuit, sec lawsuit, sec v ripple, sec wins xrp lawsuit, xrp lawsuit, xrp wins ripple


Do you think SEC will win the lawsuit against Ripple over XRP? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. European Banking Authority Concerned About Hiring Talent to Oversee Crypto Space REGULATION | 1 hour ago "Big Short" Investor Michael Burry Doubts SEC Has Resources or IQ to Investigate Crypto Listings on Coinbase Correctly REGULATION | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article‘Big Short’ Investor Michael Burry Doubts SEC Has Resources or IQ to Investigate Crypto Listings on Coinbase Correctly Next articleEthereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade Volume Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

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