SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’ – Altcoins Bitcoin News

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Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
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The CEO of Ripple Labs said the U.S. Securities and Exchange Commission (SEC) lawsuit against him and his company over XRP is “going well.” “This case is important, not only for Ripple, but for the entire crypto industry in the U.S.,” he stressed.

Ripple CEO comments on SEC lawsuit against XRP

Ripple CEO Brad Garlinghouse discussed the SEC lawsuit over the sale of XRP in a fireside chat at the Paris Blockchain Week Summit on Thursday.

The SEC sued Ripple, Garlinghouse and co-founder Chris Larsen in December 2020 over the sale of XRP, which the securities regulator said was an unregistered securities offering. Ripple disputes the SEC’s findings, insisting that XRP is not a security.

Garlinghouse shares:

okex

The lawsuit is going very well, much better than I had hoped when it started about 15 months ago.

He noted, however, that “the wheels of justice are turning slowly.” In November, Garlinghouse said he expected the lawsuit to end this year. “Despite the slow progress of the judicial process, we have seen pretty good progress,” he said at the time.

Earlier this week, a judge ruled that the U.S. Securities and Exchange Commission cannot edit the content of emails claiming a conflict of interest over how the securities regulator handles XRP and other crypto tokens, including ether (ETH).

Garlinghouse noted that Ripple is still growing despite the ongoing litigation. “We are achieving record growth,” he said on Thursday. In January, he said that Ripple’s valuation had risen to $15 billion, stressing that his company’s financials were the strongest ever, despite the lawsuit against XRP.

Garlinghouse further explained in the fireside chat that if Ripple loses its lawsuit against the SEC, most tokens traded on cryptocurrency exchanges will be considered securities as well and must be registered with the regulator. “That’s the cost, that’s the friction,” the executive exclaimed, emphasizing:

If you identify XRP as a security for Ripple, we have to understand everyone who owns XRP…it’s an SEC requirement. You must know all your shareholders. it’s out of the question.

“This case is important, not just for Ripple, but for the entire crypto industry in the U.S.,” the executive argued, noting that there would be a lot of risk if the SEC succeeds in classifying XRP as a security. “It’s really negative for U.S. cryptocurrencies.”

tags in this story

Brad Garlinghouse, Chris Larsen, litigation, Ripple, Ripple Labs, Ripple litigation, selling xrp, SEC, sec litigation, sec suing ripple, sec xrp, securities issuance, unregistered securities, XRP, xrp litigation, xrp sec, xrp security, xrp unregistered securities

Do you think Ripple will win the case against the SEC and XRP won’t be considered a security in the US? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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