Ripple CEO Brad Garlinghouse is expressing confidence that Ripple will fair well at the conclusion of its lengthy court case with the the U.S. Securities and Exchange Commission (SEC).
Ripple, A San Francisco based start up company is in a court battle with the SEC. The SEC alleges that Ripple, Garlinghouse and the executive chairman Chris Larsen engaged in an illegal securities offering via the sales of Ripple’s XRP coin or token. Ripple has disputed the SEC’s allegations and argues that XRP should be treated as a virtual cryptocurrency rather than a traditional investment like a stock or share.
What is Ripple’s coin XRP?
Ripple’s coin XRP is a cryptocurrency designed to meet the needs of the financial industry and marketed for use by banks for several use cases including international payment settlements, asset exchange and remittance systems. The XRP coin or token can be used in tandem with Ripple Lab’s product offerings to facilitate quick conversion between different currencies.
Ripple CEO Brad Garlinghouse recent comments on the status of the SEC vs XRP case
Ripple CEO Brad Garlinghouse has recently stated at a CNBC fireside chat in Paris that “The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.” He later added “But the wheels of justice move slowly.”
The comments come after a recent favorable judgment Ripple received earlier this week. The judge in the SEC vs XRP case ruled that the SEC cannot edit the contents of emails alleging to show there were conflicts of interest regarding how the watchdog dealt with XRP and other tokens, like Ethereum (ETH).
Garlinghouse stated that Ripple XRP is “already operating in the worst case scenario,” having currently sold “zero” enterprise contracts to financial institutions in the United States last year. “We’re having record growth,” he later added “It’s just outside the United States.” Garlinghouse also spoke to the importance of the case for the entire cryptocurrency industry. He sated “there is a lot at stake if Ripple does not win the lawsuit. “This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States,” he then added “It would really be negative for crypto in the United States.”