Ripple CEO Brad Garlinghouse expects the company’s lawsuit with the U.S. Securities and Exchange Commission (SEC) to be resolved this year.
“It’s been almost two and a half years since that lawsuit started. We’re trying to expedite it as quickly as possible. All relevant documents are fully filed with the Federal Court and we expect a firm decision in 2023.”
Ripple CEO Brad Garlinghouse
Garlinghouse emphasized the importance of being thoughtful and doing things right, as this lawsuit could have far-reaching ramifications for the entire crypto industry. He also explained why many industry players have gathered around Ripple over the past two years.
“So I think people have realized that the SEC lawsuit against Ripple has nothing to do with Ripple or XRP. Treat crypto regulation.”
“When I first got into the tech industry, people said the internet in the late ’90s should be banned because it was being used for illegal purposes,” he added. At the time, the U.S. government did not prohibit it, but chose to establish a legal framework that allowed investors and entrepreneurs to seek interests based on geopolitics, thereby providing Amazon and Google with a platform to place their interests in the U.S. headquarters. .
Any regulatory framework must start with clear protections for consumers, Garlinghouse said. The Ripple case will lay the groundwork for how cryptocurrencies are regulated in the U.S., and its outcome will be critical for the industry as a whole.
Ripple Asks SEC Chairman to Quit Encryption Enforcement Case
Ripple’s Chief Legal Officer Stuart Alderoty has asked SEC Chairman Gary Gensler to withdraw his vote on any enforcement case involving cryptocurrencies.
In a Feb. 28 tweet, Alderoty suggested that Gensler’s claim that “all cryptocurrencies other than BTC are unregistered securities” justifies his negative bias against other crypto assets. He cites a legal case between Antoniu and the SEC as the basis for his argument.
The SEC’s attempt to permanently ban a stockbroker from accepting employment with securities firms failed because the regulator’s commissioner pre-vetted the case through his public statements. It could not be determined how the commissioner’s involvement affected the SEC’s deliberations, the court ruled, adding that the commissioner’s continued involvement in the proceedings was deemed a violation of due process.
SEC Chairman Gary Gensler has repeatedly stated that most crypto assets are securities. Under his leadership, financial regulators have taken enforcement action against multiple cryptocurrency companies for violating federal securities laws. Meanwhile, the SEC and Ripple remain mired in a legal dispute over the classification of XRP.
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