Ripple’s CEO has revealed that the San Francisco based payments firm is likely to settle in the SEC v. Ripple case, but will do so under one condition.
Brad Garlinghouse, the CEO of Ripple, has adamantly insists that the US Securities and Exchange Commission (SEC) has failed in its duty to protect investors and is waging an unnecessary war against the cryptocurrency industry.
SEC lacks clarity, Ripple CEO says
In a recent interview, he repeated these words, accusing the regulator of lacking clarity, while stating one condition under which the company would settle with the SEC.
SEC chairman Gary Gensler has insisted from the moment he took office that there is sufficient clarity in the cryptocurrency industry. However, he called on Congress to legislate to regulate this sector, and it was this contradiction that Garlinghouse targeted.
In an interview with FOX Business, a former Yahoo board member stated:
I don’t think we can continue to say ‘Hey, there is clarity’ as we have heard from SEC officials, even recently under the leadership of Gary Gensler. We cannot say there is clarity and at the same time ask Congress to write a new law to clarify it. Both of these things cannot exist at the same time.
This was not the first time Garlinghouse had drawn attention to such contradictions. He recently echoed Senator Pat Toomey’s sentiment against the SEC on Twitter.
Chair Gensler insisted (again) in today's testimony that the securities laws are clear and easily understandable for the crypto market…and then turned around and said Congress needs to write laws to clarify. So which one is it?— Brad Garlinghouse (@bgarlinghouse) September 14, 2021
Thank you @SenToomey for being a voice of reason. https://t.co/Ryr8yCf0IP
Ripple was sued by the SEC under former chairman Jay Clayton for selling unregistered securities. Clayton then left office and joined the crypto institutions that deal with Bitcoin and Ethereum . This movement aroused considerable controversy.
Garlinghouse delved into the subject, arguing that while he did not call it an “anti- XRP or pro-Ether” conspiracy , the circumstances were at least suspect.
I don’t know what people’s intentions are, so I try to stay away from it. Suffice it to say that I think timing is dull. It does not look good.
We will only reach a settlement if …
Throughout the current legal battle between SEC and Ripple, there have been suggestions that a settlement could be reached. After all, the SEC is known to make settlements. He had already reached an agreement earlier, incl. with Kik and Telegram.
Garlinghouse, when asked if he would be willing to settle with the regulator, said:
To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario, though, that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis.
Think we missed something? Let us know in the comment section below.