Brad Garlinghouse reviews case positively with SEC
- April 15, 2022
- 0
The lawsuit initiated by the US Securities and Exchange Commission (SEC) against Ripple will have a positive outcome for the blockchain company. This view was voiced by its
The lawsuit initiated by the US Securities and Exchange Commission (SEC) against Ripple will have a positive outcome for the blockchain company. This view was voiced by its CEO, Brad Garlinghouse.
Live from: #PBWS2022, @bgarlinghouse sat with @cnbc‘s @ryan_brown_ Talking about crypto regulation that has Ripple’s global traction and using cases it has seen growing in the industry. pic.twitter.com/ouQYhY3B5n
— Ripple (@Ripple) 14 April 2022
“The trial went much better and better than I had hoped when it began nearly 15 months ago. But the wheels of justice are turning slowly,” the firm’s president said as part of Paris Blockchain Week.
He emphasized that the lawsuit is important not just for Ripple, but “for the entire crypto industry in the United States.” According to Garlinghouse, the company’s loss will set a precedent, and as a result, the SEC may recognize most tokens on exchanges as securities.
This means that trading platforms will have to register with the Commission and have to verify all token holders.
“If you define XRP as a Ripple security, we need to know every person who owns XRP. This is an SEC requirement. You must know all your shareholders. Impossible,” Garlinghouse added.
If Ripple wins, in his view, the regulator could weaken its aggressive stance towards the industry.
Garlinghouse’s statement came after the Commission failed to guarantee a confidentiality review of some documents. DPP. They are linked to the speech of the former director of corporate finance from 2018, the regulator William Hinman – later the official said that bitcoin and Ethereum are not securities.
Earlier, Ripple CEO criticized the SEC for its refusal to provide clear legal rules for the industry. In his view, such a position threatens American innovation.
He described the lawsuit against the company as “a dire precedent for the entire industry and any company working with digital assets” and “regulatory arbitrariness”.
Recall that in November 2021, Garlinghouse admitted that the dispute with the SEC could be resolved in 2022.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
