Ripple chief believes that the legal battle against the SEC has been going a lot better than when it started
In a recent interview, fintech firm Ripple chief Brad Garlinghouse told CNBC that he felt the court fight against the SEC was going “extremely well.” He also pointed out that despite the lengthy lawsuit, the company is seeing “record growth” – but that’s outside of the United States.
CEO believes the legal battle is close to an end
In a fireside chat that was hosted by CNBC during a major blockchain-themed conference in Paris on April 14, Brad Garlinghouse stated that the legal suit so far is going a lot better than he thought it would when the whole thing suddenly began 15 months ago—in late December 2020.
However, he pointed out that the case is not moving as fast as he would like.
Garlinghouse also shared that he is positive the legal suit against the SEC is drawing to an end and that Ripple will “come out well.”
The SEC has alleged that Ripple Labs, its chief Garlinghouse, as well as its founder and former CEO Christopher Larsen, were selling illegal securities disguised as XRP token, Ripple’s affiliate cryptocurrency.
As reported by U.Today, earlier this week, Ripple won a major victory against the SEC regulatory agency. The court dismissed the SEC’s motion regarding the email related to the Ethereum speech of William Hinman, a former major official of the agency.
Corporate attorney James K. Filan, who is following the case closely, called it a “huge win” for Ripple and its legal team.
“There’s a lot at stake if Ripple loses”
Garlinghouse also admitted that the consequences of the case will be crucial not only for Ripple but for the whole crypto industry in the U.S. overall.
He said there is a lot at stake here because if Ripple loses to the SEC, the majority of coins currently trading on exchanges would be labeled as securities, and trading platforms would be forced to obtain the registration with the SEC as broker-dealers. .
One of the demands of the SEC, should they win, Garlinghouse said, is that Ripple would need to know every person who owns XRP, as they would be considered shareholders. But that is not possible with XRP, he added.
