Earlier this year, Ripple, the blockchain company, celebrated a momentous legal victory when US judge Analisa Torres ruled that XRP (XRP) was not a security when sold to the general public. This ruling sent XRP prices soaring, but the euphoria has since waned as the legal saga continues.
While this decision marked a significant milestone in Ripple’s battle against the US Securities and Exchange Commission (SEC), it was only a partial win, and the final verdict remains pending following the SEC’s appeal. The uncertainty surrounding the case has contributed to a recent decline in XRP, with the cryptocurrency retracing all of its earlier gains.
Nonetheless, Ripple’s CEO, Brad Garlinghouse, maintains his confidence in the company’s ultimate triumph.
Notably, in his September 13 interview with Bloomberg, Garlinghouse said he remains “very optimistic about the case.”
“You have a government that has unlimited resources to keep fighting a fight they’ve already lost.”– he assertively stated.
‘The facts are on our side, and the law is on our side,’ says Garlinghouse
During his appearance, Garlinghouse said Ripple has spent “well over $100 million dollars defending this case” and even though the dispute is not resolved yet, the blockchain firm remains positive after the court ruled “very clearly [that] XRP is not a security.”
And even though the SEC is attempting to appeal the decision, it is not related to whether XRP is a security as “that is still clear,” the 52-year-old explained.
Even so, Garlinghouse reiterated his optimism as “facts and law” are on Ripple’s side.
“And we will continue to prevail in court because of that.”
Ripple to conduct over 80% of hiring outside the US
Meanwhile, Ripple plans to conduct over 80% of its hiring this year outside of the US as other jurisdictions offer more favorable conditions.
The governments of the UK, Singapore, Hong Kong, and Dubai are teaming up with the industry “and you’re seeing leadership, they’re providing clear rules and you’re seeing growth,” said the company’s Chief Executive Officer.
In contrast, the SEC and other regulators continue to crack down on the sector, an effort that has gained momentum following a string of collapses of high-profile crypto firms such as FTX.
Featured image: Brad Garlinghouse’s Remarks At Ripple’s Q1 2020 Virtual All-Hands Meeting