Ripple CEO Brad Garlinghouse anticipates the end of the company’s legal battle with the SEC, signaling potential regulatory clarity for the crypto industry.
Points
- Brad Garlinghouse expects the legal battle with the SEC to end soon.
- Ripple has spent over $150 million on the lawsuit.
- The case is seen as pivotal for the cryptocurrency industry.
During a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse expressed optimism that the company’s prolonged legal battle with the U.S. Securities and Exchange Commission （SEC） would conclude “very soon.” However, Garlinghouse refrained from commenting on the rumored settlement talks with the agency and could not provide an exact timeline for the lawsuit’s resolution.
Earlier this week, the Ripple-affiliated XRP token experienced a substantial price rally due to settlement rumors. However, these gains were retraced after a private meeting between Ripple and the SEC was allegedly called off.
Over a year ago, Judge Analisa Torres ruled that secondary sales of the XRP token did not constitute a securities offering. According to Garlinghouse, Ripple has spent more than $150 million during its three-year legal battle with the SEC, emphasizing that such extensive legal battles are unsustainable for the industry.
Garlinghouse stressed that the outcome of this case is crucial for the cryptocurrency industry, as it will set a precedent for regulatory
clarity. He reiterated that crypto should not be a partisan issue in the U.S. and highlighted the “legislative momentum” on both sides of the political spectrum.
Garlinghouse criticized SEC Chair Gary Gensler’s approach, stating that the agency has been “at war” with crypto by hiring more lawyers to bring additional lawsuits. He believes that regulation through enforcement is not the best way to address the industry’s challenges. Garlinghouse emphasized that most crypto industry players are good actors who want to comply with regulations.
解説
- Legal Precedent: The outcome of Ripple’s legal battle with the SEC will set a significant precedent for how cryptocurrencies are regulated in the U.S., impacting the entire industry.
- Regulatory Clarity: Clear regulatory guidelines are crucial for the growth and legitimacy of the cryptocurrency market. The resolution of this case could provide much-needed clarity.
- Industry Impact: The Ripple case underscores the financial and operational strain prolonged legal battles can impose on crypto companies, highlighting the need for a more cooperative regulatory approach.