In a bold move that could shape the future of cryptocurrency regulation in the United States, Ripple CEO Brad Garlinghouse has declared his unwavering commitment to taking the SEC’s lawsuit against XRP to the Supreme Court.
In an interview that took place during DC Fintech Week 2023, Garlinghouse said, “I think that definitely could happen. I mean, certainly. And we’ve said this publicly. We are in it till the end.”
This defiant stance reflects Ripple’s confidence in its legal position and its determination to challenge the SEC’s assertion over XRP.
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Garlinghouse’s strong statement comes in response to the SEC’s indication that it may appeal the case, potentially propelling the legal battle to the highest judicial authority in the nation. This development holds significant implications for the entire crypto industry, as it could establish clear legal precedents regarding the classification of digital assets.
Ripple CEO On Chances For Settlement
Despite the daunting prospect of facing the lawsuit in the Supreme Court, Garlinghouse exudes confidence in Ripple’s legal defense.
Garlinghouse revealed that the SEC had offered a settlement out of court, but this offer was subsequently rescinded “with prejudice,” which he interprets as a tacit admission of defeat by the regulator.
“That feels really good. It feels like… There’s no chance they were going to win that. Pushing that the way they did, it just feels like the SEC should be part of the solution,” Ripple CEO stated.
Adding to Ripple’s confidence is the discovery of the “Hinman emails,” internal communications that raise questions about the SEC’s own stance on cryptocurrency regulation. These emails suggest that the SEC may have applied inconsistent standards to different digital assets, potentially undermining its case against XRP.
Garlinghouse Calls for SEC Accountability and Clear Regulatory Framework
Beyond the legal battle, Garlinghouse took the opportunity to criticize the SEC and call for greater accountability and transparency within the regulatory body. He expressed disappointment with the SEC’s lack of clear regulatory guidance, which he believes has hindered the growth of the U.S. crypto industry.
In contrast, Garlinghouse praised countries like Japan, Switzerland, Singapore, the UK, and Australia for their well-defined regulatory frameworks, which have attracted significant capital investments and entrepreneurs. He emphasized the importance of regulatory clarity in fostering institutional adoption and driving innovation within the cryptocurrency space.
Read Also: Ripple CEO Garlinghouse and Chairman Chris Larsen React As the SEC Drops All Charges
Ripple’s Fight for XRP Could Reshape Crypto Regulation
The outcome of Ripple’s battle against the SEC could have far-reaching implications for the future of crypto regulation in the United States.
A favorable ruling for Ripple could establish a precedent that makes it more difficult for the SEC to classify other digital assets as securities. This could foster greater innovation, investment, and growth within the U.S. cryptocurrency industry.
Garlinghouse’s determination to take the SEC to the Supreme Court underscores Ripple’s unwavering commitment to protecting the interests of its users and the broader cryptocurrency community.
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