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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Ripple CEO Garlinghouse

Ripple CEO Shares Insights On SEC Appeal: Here’s Why He’s Optimistic

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent interview with Bloomberg’s Annabelle Droulers at the Singapore Token2049 conference, Ripple CEO Brad Garlinghouse shared his insights on the ongoing appeal by the Securities and Exchange Commission (SEC) regarding a court decision by Judge Analisa Torres.

Garlinghouse expressed his frustration with the SEC’s persistence, stating, “Well, on one hand, it’s frustrating. You have a government with unlimited resources to keep fighting a fight that they already lost.” He highlighted the significant financial toll the case has taken on Ripple, with the company spending “well over $100 million” in legal fees.

Garlinghouse Remains Optimistic

Despite the challenges, Garlinghouse remains optimistic about the outcome. “The judge has already said very clearly that XRP is not a security. But the SEC’s request for permission to appeal is not about XRP being a security. That is still clear. It’s more nuanced, whether under certain circumstances if there is an investment contract,” he said.

Related Reading: Ripple Reveals New Details On Fortress Trust Acquisition

Garlinghouse believes that as the case progresses through the appellate court system, the chances of a favorable outcome for Ripple increase. “Because I think as you go up the appellate court system in the United States, you actually get more conservative, and I think this bodes well. And I said it a long time ago: The facts are on our side, the law is on our side. And we will continue to fight in court,” he added.

When questioned about the future of crypto companies in the US, Garlinghouse responded, “I wouldn’t say it’s permanently shut, but it’s definitely a tough spot.” He emphasized the significance of the US in the global economy, accounting for 22% of global GDP. Garlinghouse anticipates potential shifts in the regulatory landscape with a new administration and believes that Congress will eventually be compelled to act.

Related Reading: SEC Vs. Ripple: Commission Urges Court To Grant Appeal Request In Latest Filing

He also pointed out the SEC’s recent losses in court, including a decision related to the Grayscale ETF conversion. “The judges are using really harsh language about the SEC. […] The panel is saying that the SEC has been arbitrary and capricious. These are pretty harsh words for a government agency,” Garlinghouse remarked.

Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95 pic.twitter.com/nZJyMMBvpY

— Bloomberg Crypto (@crypto) September 13, 2023

Ripple Pushed Out Of The US

In addition to the legal battle, the Ripple Labs CEO revealed that over 80% of its hiring this year will be outside the US. This decision is a consequence of the protracted legal dispute with the SEC. Garlinghouse praised jurisdictions like Singapore, Hong Kong, the UK, and Dubai for their proactive approach to crypto regulation, stating that these governments are “partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth.”

The SEC, under Chair Gary Gensler, has taken a stringent stance on cryptocurrencies, especially after market disruptions in 2022, including the collapse of the FTX exchange. Gensler’s position is that most tokens are securities and should be under the SEC’s regulatory oversight. Meanwhile, Congress’s efforts to provide clarity on the status of crypto have been slow.

At press time, XRP traded at $0.4779.

Ripple XRP price
XRP price drops after falling below the trendline, 1-week chart | Source: XRPUSD on TradingView.com
Featured image from CNBC, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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