The CEO of Ripple, Brad Garlinghouse, claims that the business’s partial success over the U.S. Securities and Exchange Commission (SEC) sets an important precedent for the whole cryptocurrency sector in addition to being a triumph for his company.
He emphasised the need to resist the SEC’s intimidation techniques while speaking on a Messari panel.
Standing up to a bully
Garlinghouse expressed his dissatisfaction with the SEC’s strategy, describing its settlements as bullying techniques rather than legal triumphs. He emphasised the value of resisting such powerful institutions and praised organisations like Grayscale and Coinbase for their tenacious defiance.
“Few individuals had the courage and the means to oppose them. I heartily commend Grayscale…Coinbase is making a valiant effort. A bully must be confronted. They are losing when you stand up to them, he remarked.
The head of Ripple claims that several industry participants made reference to the fact that Ripple and XRP are decentralised when they claim that Ripple and XRP are “different” when the business was sued back in December 2020. But we asserted that it was an assault on the entire business. And I believe that we have now come to understand it,” he remarked.
A big victory?
The struggle between Ripple and the SEC has resulted in a significant, if only partial, triumph for the troubled blockchain sector. The court’s ruling that XRP coins linked to Ripple did not qualify as investment contracts resulted in several relistings on significant exchanges.
Garlinghouse argues that Ripple gained significantly from the decision. “There is no denying that the triumph was significant. The SEC lost everything that was important to them, he claimed. The CEO of Ripple likened the decision to ‘a goods train’ that smashed through Chairman Gensler’s defence that almost other cryptocurrency assets save Bitcoin are securities. “Now, we clearly have a federal judge saying XRP is not a security,” Garlinghouse said.
