Brad Garlinghouse, the CEO of Ripple, has stated the condition that will make the cross-border payment firm settle its current lawsuit with the United States Securities and Exchange Commission (SEC).
According to Garlinghouse in a new interview with Fox Business, Ripple would consider settling the lawsuit with the SEC if the regulator clearly defines the regulatory status of the digital token XRP.
He further stated that the cryptocurrency industry is already notably regulated, negating the recent statement of the SEC Chair, Gary Gensler, who said the crypto ecosystem is a “Wild West.”
Brad Garlinghouse noted:
“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario though that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis.
“And it’s very clear that how Ripple is using these technologies, how many scores of other people in the community are using these technologies. They’re not securities. They do not represent an ownership in Ripple the company…”
“I think we lose sight of the fact that crypto is regulated. It’s regulated by the CFTC (Commodity Futures Trading Commission). It’s regulated by other government entities, whether its FinCEN (Financial Crimes Enforcement Network) and the U.S. Treasury.
So when I’ve heard the SEC people come forward and say, ‘Hey this is the Wild Wild West. It’s not regulated.’ Well that’s not entirely true… Previously, they (SEC) said Bitcoin’s not a security. ETH’s (Ethereum) not a security.”