Ripple’s chief executive has shared his views on the possible outcomes of the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims is an unregistered securities offering.
Ripple CEO Discusses Implications of SEC Win in Lawsuit
Ripple CEO Brad Garlinghouse discussed the lawsuit filed by the United States Securities and Exchange Commission (SEC) for XRP earlier this month in a interview with Axios at the Collision 2022 event.
The second for follow-up Ripple Labs, Garlinghouse and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered offering of securities. Ripple disagreed with the SEC and has since been waging a legal battle with the securities regulator.
During the interview, Garlinghouse was asked what would happen if he didn’t get a ruling in his favor and XRP is considered a title.
The Ripple executive was quick to point out that in this situation, XRP would only be considered a title in the United States. He precised :
The SEC only has jurisdiction in the United States, and in some ways… The way the world works right now is like the case has been lost.
“If Ripple loses the case, does anything change? It’s basically just the status quo. Ripple continues to grow very, very rapidly,” Garlinghouse said.
Garlinghouse bets on victory against the SEC
Emphasizing that he is betting that Ripple will win the lawsuit against the securities regulator, the executive claimed:
I bet because I think the facts are on our side. I bet because the law is on our side.
“I think the SEC has massively overstepped and is trying to take some sort of jurisdictional ownership over something that is…I think they’ve seen this gray area where they’re like, ‘hey, we’re going to get in,'” explained the leader of Ripple.
He added: “It’s frustrating that it’s taking so long. There are a lot of companies, I think, that realize how important this case is for the whole industry.
In April, Stuart Alderoty, legal counsel for Ripple, tweeted: “Now it looks like a resolution will come in 2023 – and every passing day is hurting US citizens who have essentially been victims of a rug pulled by the SEC. $15 billion in XRP the market capitalization was destroyed the day the lawsuit was filed, hurting the very people the SEC claims to protect.
Do you think the SEC will win the lawsuit against Ripple XRP? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.