Recently, Ripple CEO Brad Garlinghouse was a guest at Bloomberg and CNN to respond to the latest developments in the Ripple case. This is also one of its few external voices.
Garlinghouse said that the entire Ripple attaches great importance to the SEC lawsuit and believes that Ripple will eventually win the lawsuit.
“I think we will win, but as you said, the court system may not go in this direction (the implication is that the court may not do what we think, and may lose).”
Garlinghouse added that since the SEC filed a lawsuit, Ripple has continued to expand its customers globally and has successively signed customer agreements with more than 20 financial institutions around the world. “I think we will continue to see that our network develops rapidly among non-US customers. But the problem is that this will promote blockchain innovation and encryption activities outside the United States, which I think is not in the interest of the United States anyway. “
If it loses, how does Ripple handle its business in the US? Chatterley explained that it will introduce an “alternative solution” specifically for US customers (the specific solution has not been mentioned).
On December 23 last year, the SEC formally sued Ripple and its two executives-CEO Brad Garlinghouse and co-founder Chris Larsen. After the incident, all U.S. compliant crypto trading platforms (Coinbase, Kraken, etc.) have delisted XRP token transactions. Since the case occurred a day before the departure of the former chairman of the SEC, Jay Clayton, many investors believed that the lawsuit was a “conspiracy” aimed specifically at Ripple.
“SEC Chairman J. Clayton filed a lawsuit against Ripple and myself one day before leaving office. However, considering that XRP has been in the market for eight years, these actions are meaningless. I think doing so the day before resignation is a A big mistake.” Garlinghouse said, looking forward to reaching a settlement with the new SEC leadership. “I am hopeful that Gary Gensler may become the new chairman of the SEC. Under his leadership, we have a chance. Re-talk to it and provide clear industry information on what Ripple and the entire cryptocurrency can do.”
In the previous lawsuit, the SEC treated XRP as a security rather than a token, while Ethereum and Bitcoin were tokens, which caused Garlinghouse’s dissatisfaction. “I think in the United States, this industry has the risk of falling behind.”
In his view, the US government’s lack of clarity and certainty standards will affect the development of the entire encryption industry. This is not only a dilemma facing Ripple, but also a dilemma that other cryptocurrencies will face in the future. The United States should learn from other countries such as the United Kingdom, Singapore, Japan, and Switzerland to set standards for the industry.
The recent DeFi boom, Garlinghouse believes that it will not affect Ripple’s business. “Ripple is not threatened by stablecoins and DeFi because it is solving a cross-border payment problem. We are communicating with many central banks around the world to discuss some stable currency plans for central banks to issue digital currencies. We think Ripple is solving cross-border payment problems. The above approach is actually helpful.”
“The Obama administration made it clear that XRP is regarded as a currency. As the new administration enters the SEC, XRP is expected to eventually become a currency.” Garlinghouse added.
According to previous reports by Finance Magnate, a source revealed that Ripple may reach a $100 million civil settlement agreement with the SEC and promised to return the funds invested by American investors in its XRP tokens. In addition, the solution also requires Ripple to notify the SEC before issuing any cryptocurrency or digital tokens in the future. However, considering that the article went live on April 1, and the two sides have not yet started a dialogue, the news may be just a joke on April Fools’ Day.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.