Ripple (XRP) was already being sued by the US Securities and Exchange Commission (SEC) a year and a half ago. Strange developments about the case are regularly revealed, this time from the World Economic Forum in Davos, Switzerland. Apparently Brad Garlinghouse, CEO of Ripple, visited the SEC several times before the lawsuit even started.
Slimming at SEC Didn’t Help Ripple
Garlinghouse tells during the annual meeting of the controversial World Economic Forum that he had personally visited the SEC’s office four or five times in the few years before the trial. He wanted at all costs to make sure Ripple would abide by the committee’s rules. That clearly didn’t help, because the SEC has still sued Ripple as well as Garlinghouse and founder Chris Larsen. So all that work was for nothing.
Garlinghouse stated that legal clarity is important, because it is not clear what is ‘correct’ about cryptocurrency in the eyes of the US government. The majority of people in the crypto industry want to follow the rules, he says, but if they are not clear, it is very difficult to do so. According to Garlinghouse, it clearly shows how far the US is from the rest of the G20 countries. In countries such as Switzerland, Singapore and the United Kingdom, there is more clarity about crypto.
terraUSD not necessarily a fiasco
Furthermore, Garlinghouse says that algorithmic stablecoins such as terraUSD (UST) are not by definition a failed concept. According to him, they could well be real in five to ten years. Crypto Was Once a Dirty Word in Davos, Home of the World Economic Forumm. Now more and more crypto companies are participating in the annual conference.
Finally stated Ripple Vice President Brooks Entwistle that it is quite possible that a new ‘crypto winter’ is coming. But Ripple’s goal is to put that to good use by further expanding the ecosystem.
