Brad Garlinghouse, CEO of Ripple, made important statements regarding the SEC case. According to Ripple CEO Brad Garlinghouse, the SEC is not justified in its claims under the lawsuit and it is clear that XRP is not a security. According to Brad Garlinghouse, this case is bad for the entire market, not just for XRP.
Brad Garlinghouse: If Ripple disappears, XRP will continue to trade
As we previously reported as , the SEC officially sued Ripple in recent months. As part of this lawsuit, the SEC accuses Ripple and its CEO, Brad Garlinghouse, and co-founder Chris Larsen of selling $ 1.3 billion of unrecorded securities through XRP. Also, according to the SEC, XRP has been a security since the day it was launched.
Ripple CEO Brad Garlinghouse strongly denies the SEC’s claims. According to Ripple CEO Brad Garlinghouse, the SEC is not justified in its claims and it’s clear that XRP is not a security. The Ripple CEO says:
If you own a security, it gives you ownership of a company, right? If Ripple disappears, XRP will continue to trade.
Ripple CEO: This isn’t just bad for Ripple …
Brad Garlinghouse adds that the only country in the world that claims cryptocurrency can be a security is the United States. Ripple was interrupted by a lawsuit in December by the US Securities Exchange and the Exchange Commission accusing it of offering XRP as an unregistered security. However, as the recent Tetragon verdict shows, the court will have the final say in determining the regulatory status of the altcoin. The Ripple executive, who, along with former Ripple CEO Chris Larsen, was also a defendant in the case, says the SEC’s sanctions action will negatively affect the entire industry:
This isn’t just bad for Ripple. It is generally bad for the crypto market in the United States of America and is negatively impacting this activity. It drives this entrepreneurial activity out of the United States of America series. I think this is absolutely insufficient for the crypto industry.
As we previously reported as , Ripple has already managed to sign deals with 15 banking partners outside the US, despite legal troubles.