The XRP lawsuit began in December last year, when the U.S. SEC took action against Ripple. Yet, uncertainty prevails till date, even as the proceedings continue to unfold. With reference to the same, Ripple CEO Brad Garlinghouse doesn’t hold back. Be it in the past or the present.
During his interview with Fox Business, Ripple CEO said, there was no chance of a settlement unless SEC provides clarity. He said, “Ripple Labs only demands an ‘absolute certainty’ about how the SEC defines its (XRP) existence, its limit, and the scope of its use.” Well, not much of a surprise here. He further stated,
“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we settle unless there is absolute certainty about what is XRP on the go-forward basis.”
Here’s the tweet highlighting the aforementioned interview and his narrative,
Thanks @LizClaman @CGasparino for having me on the show! As I said, American innovation is on the line because of the SEC’s refusal to provide a clear framework for crypto. 1/2 https://t.co/jnzEzWqUrS
— Brad Garlinghouse (@bgarlinghouse) September 25, 2021
Not only Ripple but, “If the SEC wants crypto industries to thrive, they need to provide clarity,” he added.
In addition to this, Garlinghouse also touched upon Ethereum and its “fair play” scenario with the regulatory watchdogs. The SEC’s ambiguous statements about Ether depict the lack of regulatory clarity, according to Garlinghouse.
Garlinghouse said that Ripple deserved to be let go since it did not offer what can be technically known as an ICO as did ETH. As a matter of clarity, he wanted the SEC to place Ripple in the same category it placed ETH.
Can Ripple win this case?
As expected, Garlinghouse remained positive about the final outcome. He slammed the SEC in a tweet that read as,
“Instead of working with the industry, the SEC is using their meetings with companies as lead generation for their enforcement actions.”
“Once the dust settles, it’ll be clear that Ripple’s on the right side of the law, and the right side of history.”
Certainly, it wasn’t the first time for some one in the crypto community to call out the SEC. Different prominent individuals or even crypto exchange platform’s executives (such as Coinbase CEO) have pointed out the need for regulatory clarity.
Without this, developments within the crypto industry could be difficult soon. Nevertheless, crypto tokens are still considered “the Wild West” by a few regulators.