Ripple Labs CEO Brad Garlinghouse says the company’s lawsuit with the US Securities and Exchange Commission (SEC) will be concluded in the near future.
In December 2020, Ripple was sued by the SEC for allegedly selling XRP as an unregistered security.
During an interview with Tai Panich, the CEO of technology investment firm SCB 10X, Garlinghouse expressed his belief that Ripple’s success in the pending lawsuit will have significant implications for the cryptocurrency industry as a whole. Based on recent developments involving William Hinman, the SEC’s former Director of Corporate Finance, and his speech declaring Ethereum (ETH) as non-security, Garlinghouse says he will receive a court ruling in weeks rather than months. expected.
“In terms of the current state of affairs – I will try not to get into the legal weeds too much – you are right in that I am very confident that we will see a decision from the courts this year. In fact, I think I suspect it will be weeks, not months. There were some decisions made last week that you may have read about. The judge ruled against the SEC’s attempt to redact some information, a very kind of infamous speech that then-Director of Corporate Finance Bill Hinman gave, explaining why he thinks ETH is not a security.
The court ruled last week that the notes in the accompanying emails will be made public and should be public around June 13. So I think that’s a huge win for transparency. But what it really raises is that there is really no clarity, despite calls and demands from crypto industry leaders.
Ripple’s CEO remains committed to completing the battle, but acknowledges that the ongoing conflict with the SEC and lack of clear regulation in the US has led many players in the industry to relocate or outsource.
“Ripple decided to join in and take on this battle, both for Ripple and for the entire industry. We spent a lot of money defending it. And I think what we’ve mentioned is that the government in the United States, and the SEC in particular, is putting politics before smart policy. That’s why you see entrepreneurs going abroad, you see companies like Ripple — most of our hires are now non-US. Most of our customers… are non-US. I think it’s kind of expected that’s going to happen.”
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