Bitcoin News and Finance
Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP Skip to main content

Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP

Ripple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP

Ripple’s chief executive has shared his views on possible outcomes of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims to be an unregistered securities offering.

Ripple’s CEO Discusses Implications of SEC Winning the Lawsuit

Ripple CEO Brad Garlinghouse discussed the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over XRP earlier this month in an interview with Axios at the Collision 2022 event.

The SEC sued Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator.

During the interview, Garlinghouse was asked what would happen if he does not get a ruling in his favor and XRP is deemed a security.

The Ripple executive quickly emphasized that in that situation, XRP would only be considered a security in the United States. He clarified:

The SEC only has jurisdiction in the United States, and in some ways … How the world is operating right now is as if the case has been lost.

He added that investors cannot trade XRP in the U.S. on most platforms. Coinbase, for example, halted trading of XRP soon after the SEC filed the lawsuit against Ripple.

“If Ripple loses the case, does anything change? It’s basically just status quo. Ripple is still growing very, very quickly,” Garlinghouse said.

Garlinghouse Is Betting on Winning Against SEC

Emphasizing that he is betting that Ripple will win the case against the securities regulator, the executive affirmed:

I’m betting that because I think the facts are on our side. I’m betting that because the law is on our side.

“I think the SEC has massively overstepped and is trying to take kind of jurisdictional ownership over something that is … I think they saw this gray area they’re like ‘hey we are going to go in,'” the Ripple executive explained.

He added: “It’s frustrating it’s taking this long. There’s a lot of companies, I think, that realize how important this case is to the whole industry.”

In April, Stuart Alderoty, legal counsel at Ripple, tweeted: “It now looks like a resolution will come in 2023 — and each day that passes is hurting U.S. citizens who were essentially the victims of a rug pull by the SEC. $15B in XRP market cap was destroyed the day the suit was filed, hurting the very people the SEC purports to protect.”

Do you think SEC will win the lawsuit against Ripple over XRP? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory