Ripple CEO Brad Garlinghouse: A Significant Precedent for the Cryptocurrency Industry
Ripple CEO Brad Garlinghouse highlights the significance of the company's victory against the SEC and the importance of standing up to bullying tactics. Read more in the article.
Posted 10 months ago in Blockchain
Ripple CEO Brad Garlinghouse recently highlighted the significance of the company's partial victory against the U.S. Securities and Exchange Commission (SEC). Speaking at a Messari panel, Garlinghouse emphasized the importance of standing up against the bullying tactics employed by the SEC.
Garlinghouse labeled the SEC's settlements as bullying tactics rather than legal victories, and commended companies like Grayscale and Coinbase for their staunch resistance. He stated, 'Not many people had the conviction and the resources to stand up to them. When you stand up to them, they are losing.'
Ripple and XRP faced a lawsuit from the SEC in December 2020, with many industry players claiming Ripple and XRP were different due to their decentralized nature. However, Garlinghouse believed it was an attack on the whole industry.
The recent court ruling declared that Ripple-affiliated XRP tokens did not constitute investment contracts, leading to relistings on major exchanges. Garlinghouse referred to the ruling as a big victory, as the SEC lost everything they cared about. He compared the verdict to a freight train, pointing out that XRP is not a security according to a federal judge.
Last updated 9/28/2023, 5:04:09 PM
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