Ripple CEO Brad Garlinghouse expects the court to make a decision this year in the lawsuit between his company Ripple, known for the XRP token, and the US Securities and Exchange Commission (SEC). Garlinghouse is convinced that the judge’s ruling not only determines the future of Ripple and XRP, but also, to a large extent, that of the rest of the crypto industry.
Ripple CEO critical of SEC
Garlinghouse also criticizes the SEC’s current way of working. According to the CEO of Ripple, the United States financial watchdog would do much better to create clear rules, instead of the current way of working. At the moment they are mainly hitting around and damaging the crypto industry.
If they continue this way, Garlinghouse says it’s only a matter of time before many parties decide to leave the United States. That would do a lot of damage to America’s future in particular, Garlinghouse tells Bloomberg know.
“This is not a healthy way to regulate an industry,” said Garlinghouse. According to him, it is especially important that there are clear rules for the crypto industry in the United States.
Ripple vs SEC
Naturally, Garlinghouse also received questions about the case between Ripple and the SEC. For example, why it decided not to register with the financial watchdog before issuing the XRP token. Garlinghouse says that this was not possible at all at the time.
“It’s a bit like putting the cart before the horse,” Garlinghouse said. At the time of writing, XRP remains one of the industry’s largest projects and ranks #6 in terms of market value. CoinMarketCap.
XRP has a market cap of around $18 billion, which is quite large for a technology that has yet to prove itself in the long run. That market cap Incidentally, it is nothing compared to bitcoin, which has a total market value of USD 432 billion.