Brad Garlinghouse, the CEO at Ripple, who is also a defendant in the ongoing lawsuit between the cross-border payment behemoth and the United States Securities and Exchange Commission (SEC), has revealed what will happen if Ripple loses the XRP lawsuit.
According to a report from Axios, Ripple CEO said if Ripple loses the lawsuit, it will move its services away from the United States.
Garlinghouse said nothing will change about the San Francisco-based blockchain company except that it will cease its operation in the country.
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Brad Garlinghouse noted:
“It’s not that we could, we will. If you think about how the world is operating right now, it’s as if the case has been lost other than a few other exceptions… So if we lose, if Ripple loses the case, does anything change?”
According to Garlinghouse, Ripple which recently opened up a new office in Toronto, Canada, will thrive outside the U.S.
So, this implies that Ripple is currently hoping for the best and preparing for the worse in the ongoing XRP lawsuit filed by the SEC in December 2020. However, there are chances that the case will nd in favor of the cross-border payment company.
Speaking recently about how the SEC contradicted itself when it approved Coinbase’s S-1 initial public offering (IPO) in 2021, Garlinghouse said:
“When Coinbase went public, which really wasn’t that long ago, Coinbase was trading XRP. They enabled consumers and businesses to trade XRP. The SEC had to approve their S-1 such that Coinbase could go public.
The SEC now seems to take the position when they sued us that, ‘Hey, XRP is a security and always has been.’ But they approved Coinbase going public, even though Coinbase is not a registered broker-dealer.
So there are contradictions here of the SEC almost not, within its own organization, knowing left hand, right hand.”