Ripple, the US-based cross-border payments firm, is accustomed to finding itself at the center of debates since the XRP lawsuit began in December 2020. In a recent incident, Ripple CEO Brad Garlinghouse joined the debate and did not look likely to condone any XRP slander.
In a conversation with American investor and Angel dealer Jadon Calacanis, the Ripple CEO disagreed with the investor’s view of XRP as a security.
Read Also: Ripple CEO Brad Garlinghouse Celebrates Another Big Win for XRP in Latest Judge Ruling
While Brad Garlinghouse had earlier claimed that Ripple would likely spend about $200 million by the time it concludes its legal war with the United States Securities and Exchange Commission (SEC), the American angel dealer countered the claim stating that Ripple should have operated by the common principle by ensuring that XRP was enlisted as a security in compliance with SEC’s guidelines.
How Ripple CEO Reacted To Jadon’s Argument
Ripple CEO never seemed to have taken Jadon’s claims lightly as he fired back at him stating that the Angel dealer has a poor orientation regarding security laws. Going further, the CEO argued that there was never a threshold designed to measure digital assets like XRP in the United States.
Brad Garlinghouse noted, “Remind me when you learned securities law?! This is embarrassing for you (and hilariously wrong as there is no framework to register digital assets in the US), but we’re all used to you making controversial statements and trolling about things you know nothing about…”
remind me when you learned securities law?! This is embarrassing for you (and hilariously wrong as there is no framework to register digital assets in the US), but we're all used to you making controversial statements and trolling about things you know nothing about…
— Brad Garlinghouse (@bgarlinghouse) May 9, 2023
Read Also: Ripple CEO Brad Garlinghouse Sends Message to XRP Holders. Here’s What He Wrote
What Pro-XRP Lawyer Has To Say
The pro-XRP attorney John E Deaton took a different approach to the Ripple CEO. The legal practitioner was calm in his argument as he attempted to clarify the differences between “XRP sold as a security” and “XRP as a security.”
The attorney described XRP as a dedicated line of software codes that lacks the requirements to be registered under United States laws. In a bid to counter Jadon’s assertion on the need to have XRP registered under SEC’s law, Deaton questioned the authenticity of the registration of their proof-of-stake (PoS) blockchains like Cardano (ADA), Ethereum (ETH), Algorand ALGO), etc.
Claiming Ripple sold XRP as a security is one thing. Saying XRP is a security is another. XRP is a line of code inside software. How do you register?
“to have registered it as a security and played by the rules like everyone else.”
Where did ETH, ADA, ALGO, XLM, etc. register?
— John E Deaton (@JohnEDeaton1) May 9, 2023
Finally, Deaton warned the U.S. SEC chairman about the negative impacts of the SEC’s action on the sustainability of crypto trading in the United States.
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