With the cryptocurrency sector still waiting for the final conclusion of the court standoff between the United States Securities and Exchange Commission (SEC) and Ripple, the blockchain company’s CEO has shared his thoughts on the case so far and the possible outcome.
Indeed, Brad Garlinghouse said that he was optimistic about the case despite the financial drain on his company, which has spent over $100 million fighting a government agency with unlimited resources, as he told Bloomberg’s Annabelle Droulers in an interview on the sidelines of Asia’s largest crypto event, TOKEN2029, published on September 13.
According to him:
“You have a government that has unlimited resources to keep fighting a fight they’re already lost, but there’s no recourse. For Ripple, we’ve obviously spent well over $100 million already defending this case, and we are very optimistic. The judge has already said very clearly that XRP is not a security.”
On SEC’s appeal
Commenting on the recent SEC’s filing for a reply memorandum in further support of its motion to certify an interlocutory appeal, Garlinghouse explained that it has nothing to do with whether or not XRP is a security but that “it’s more nuanced about whether or not in certain circumstances if there’s a transaction, that it would be an investment contract.”
“I don’t know what the court will rule about whether or not they’re even allowed to appeal right now, but I remain very optimistic because I think as you go up the appellate court system in the US, you actually get more conservative. And that, I think, bodes well. The facts are on our side, and the law is on our side, and we’ll continue to prevail in court.”
Meanwhile, the regulatory issues in the US have led Ripple to look for its workforce elsewhere. Specifically, the company plans to carry out more than 80% of its hiring this year outside the US, in crypto-friendlier jurisdictions such as Singapore, Hong Kong, Dubai, and the United Kingdom.
According to Garlinghouse, these are the places “where the governments are partnering with the industry, and you’re seeing leadership, defining clear rules, and you’re seeing growth,” which is why the company considers them a better choice for sourcing new hires.
As things stand, the XRP token that is at the center of the long-running legal battle was at press time trading at $0.505, up 2.45% on the day and 6.47% across the past week, although still recording a drop of 4.21% over the previous month, as per data on September 19.
Featured image: Image via Brad Garlinghouse’s X account
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.