Brad Garlinghouse Reveals Ripple's Ongoing Battle with US Regulator
Date: 2023-09-19 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
The Uncertain Outcome:
Brad Garlinghouse acknowledges that the fate of Ripple and, by extension, the cryptocurrency industry hinges on the results of their confrontation with the SEC. Government entities possess boundless means to continue their struggle against crypto firms, making it an uphill battle for companies like Ripple. Nevertheless, despite the significant costs incurred, Ripple's leadership remains resolutely optimistic.
XRP's Status Clarified:
The courts have unequivocally clarified that XRP is not a security when it comes to resale. Even the filing of appeals by the regulatory body will not alter the cryptocurrency's current status, as these nuances depend on specific circumstances determining when XRP could be considered an investment contract, as Garlinghouse points out.
"Appeals reflect a conservative approach, but I believe in the best outcome because facts and the law are on our side. That's why we are prepared to fight in court until we achieve complete victory," stated Ripple's CEO.
Seeking Global Talent:
The regulatory challenges within the United States have forced Ripple to look beyond its borders for talent. This year, the company plans to hire over 80% of its workforce from jurisdictions more favorable to cryptocurrencies, such as Singapore, Hong Kong, Dubai, and the United Kingdom. Garlinghouse singled out the United States as one of the riskiest countries for cryptocurrency business development due to the SEC's reluctance to engage in dialogue.
