Brad Garlinghouse, the CEO of Ripple, has shared his views on the possible outcomes of the lawsuit filed by the SEC in an interview.
What will Ripple do if it loses the lawsuit?
The U.S. Securities and Exchange Commission sued Ripple Labs and its founders Brad Garlinghouse and Chris Larsen in December 2020. This is because, according to the financial watchdog, Ripple has issued unregistered securities. Ripple, however, disagrees and has been fighting a legal battle with the regulator ever since.
During the interview, Garlinghouse was asked what would happen if he loses the lawsuit and the XRp token was considered a security.
Ripple’s CEO said this would not be a good sign, but it would only mean that the currency is considered a security in the United States. Not so in the rest of the world. He said:
The SEC has jurisdiction only in the United States. The world pretends we’ve already lost the case, but we haven’t.
He went on to say that Americans can’t trade the token right now anyway. This is because US exchanges such as Coinbase stopped trading shortly after the SEC filed the lawsuit against Ripple.
“If Ripple loses the case, will anything change? In fact, everything will remain as it is now. Ripple is still growing very, very fast.”
– Garling House
Garlinghouse thinks Ripple will win the lawsuit
Despite everything, Ripple’s CEO thinks his company will win the lawsuit against the SEC. He said:
I think we win because I think the facts are on our side.
He went on to say, “I think the SEC has gone overboard and is trying to take some sort of jurisdiction over something that they previously saw as a gray area.”
Garlinghouse also says that it is frustrating that the lawsuit is taking so long. This while this lawsuit is extremely important for the entire crypto world.
In April, Ripple’s legal counsel, Stuart Alderoty, tweeted: “Now it looks like a resolution is coming in 2023 — and every day that goes by hurts American citizens who were essentially victims of a crime.” back pull by the SEC. $15 billion in XRP market cap was destroyed the day the lawsuit was filed, harming the very people the SEC claims to protect.”
