• Ripple Labs has been sued by the U.S. Securities and Exchange Commission (SEC) on the grounds of allegedly selling XRP as an unregistered security.
• Ripple CEO Brad Garlinghouse believes that the firm’s court case with the SEC will conclude in weeks, rather than months.
• Garlinghouse also states that if Ripple is successful in its legal battle against the SEC, it will have significant implications for the cryptocurrency industry as a whole.
Ripple Sued By US SEC
In December 2020, Ripple was sued by the U.S. Securities and Exchange Commission (SEC) on the grounds of allegedly selling XRP as an unregistered security.
Garlinghouse’s Expectations On Court Decision
Ripple Labs CEO Brad Garlinghouse expressed his belief that Ripple’s success in its ongoing lawsuit with the SEC will have significant implications for the cryptocurrency industry as a whole and expects a court decision to come “in weeks, not months”. According to Garlinghouse, this is due to recent developments relating to former Director of Corporate Finance William Hinman’s speech declaring Ethereum (ETH) a non-security.
Lack Of Clarity And Its Impact On The Industry
The lack of clear regulations in regards to cryptocurrencies in the US have resulted in many industry players relocating or outsourcing according to Garlinghouse. He remains committed to completing this fight for both Ripple and all of crypto but acknowledges that it has been costly and difficult process due to government politics getting ahead of smart policy decisions being made within crypto space .
Garlinghouse’s Commitment To Fight For Crypto Industry
Despite difficulties posed by governments, Garlinghouse remains committed to fighting for both Ripple and all of crypto industry at large . He believes that if they are successful in their legal battle against SEC then it would have immense implication on entire crypto landscape .