Ripple CEO Brad Garlinghouse recently provided insights on the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) during a fireside chat at the 2023 DC Tech Week.
Garlinghouse expressed confidence in Ripple’s position, stating that the SEC has suffered significant losses on crucial aspects of the case.
Read Also: Ripple CEO Echoes 3 Consecutive Victories against SEC, As XRP Gets Clearer Path to the Future
Garlinghouse asserted that the SEC has “lost on everything that matters” in the case against Ripple. He highlighted the court’s recognition of XRP as a commodity rather than a security and the rejection of the SEC’s attempts to access Ripple’s internal communications as major defeats for the regulatory agency.
Garlinghouse emphasized that the fate of the SEC case depends on its decision to pursue an appeal. If the SEC chooses to escalate the case, the Ripple CEO expressed confidence in the firm’s ability to prevail at the Supreme Court. He cited historical precedents where the court has been reluctant to side with regulators in similar cases.
Beyond the Ripple case, Garlinghouse underscored the broader implications of the SEC’s losses. He referenced the setback the SEC faced in the Grayscale case, where a judge ruled that the agency’s actions were “arbitrary and capricious.”
Ripple CEO called for a recalibration of the SEC’s approach to crypto regulation, suggesting that the agency’s current strategies need reevaluation.
Garlinghouse expressed concern over the potential for the US to lose its leadership position in the crypto industry due to a lack of a conducive regulatory environment.
He contrasted the cautious stance of the United States with other countries actively fostering innovation and investment in the crypto sector. Garlinghouse warned that the US is at risk of falling behind and stressed the urgency for regulatory action.
Read Also: Ripple CEO Garlinghouse and Chairman Chris Larsen React As the SEC Drops All Charges
Garlinghouse’s comments shed light on the critical juncture of the Ripple-SEC case and the broader debate over crypto regulation in the US. While Garlinghouse remains optimistic about the future of crypto in the US, he also acknowledges the need for a significant shift in the regulatory landscape.
The outcome of the Ripple case and the SEC’s willingness to adapt its approach will significantly impact the growth trajectory of the crypto industry in the US.
In conclusion, Ripple CEO Brad Garlinghouse’s insights provide valuable perspectives on the ongoing Ripple-SEC case. The setbacks faced by the SEC and the need for regulatory recalibration highlight the evolving nature of crypto regulation.
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