Brad Garlinghouse readdress SEC lawsuit against Ripple

TL;DR Breakdown

  • Garlinghouse hopes Biden administration means better for XRP
  • Ripple CEO plays down exchange actions against XRP

Ripple CEO Brad Garlinghouse has again shed more light on the lawsuit the Security and Exchange Commission (SEC) filed against Ripple and its “security, or crypto coin” XRP.

In a Twitter thread, Brad Garlinghouse revealed that the company has tried to resolve the problem out of court with the regulator, all to no avail. He said they would continue to try with Biden’s government set to be sworn in on the 20th of January.

Unlike other cryptocurrencies that 2021 has smiled upon, Ripple and XRP have only had sad tales to tell. The lawsuit against the firm is on the verge of one of the riskiest lawsuits in the industry’s history.

It has also led many XRP investors to sell off their coins, thereby losing many investors.

However, with the state of things now, Brad Garlinghouse is hopeful that the next government administration would be more crypto-friendly, thereby providing a more enabling environment for them.

Garlinghouse also urged the next administration legislators to be more flexible when addressing issues affecting the crypto industry.

” We expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry. He tweeted.

XRP aside, Brad Garlinghouse addresses other issues

Outside the lawsuit against XRP, Garlinghouse spoke on allegations that the firm paid crypto firms to list XRP.

He said the firm has no control over who listed the crypto, saying it is open-ended and decentralized. He described allegations that Ripple paid crypto firms as rumors.

The CEO also said that his company did pay its customers to start using its services —previously known as xRapid, xCurrent, and xVia and now merged into ODL.

He also played down sanctions on the XRP by crypto first, saying there is a difference between delisting and suspending. He said the firms are taking preventive measures than definitive measures.

Garlinghouse also talked about the controversy with Tetragon, a major Ripple investor. He criticized its decision to sue Ripple, making things even more difficult for the company.
Ripple and SEC are going to be meeting in court in February.

About the author