The SEC case against Ripple is progressing much better than I anticipated, according to the company’s CEO
Ripple CEO Brad Garlinghouse recently informed guests of the Paris Blockchain Week that the company’s continuing litigation with the Securities and Exchange Commission is proceeding quite well.
Ripple CEO Brad Garlinghouse is becoming more hopeful that the company’s long-running case with the Securities and Exchange Commission (SEC) would end in a favorable outcome.
Garlinghouse informed guests of the fireside talk at Paris Blockchain Week on Thursday that Ripple’s defense in the current case was progressing better than anticipated.
“The case has gone really well, much better than I anticipated when it started around 15 months ago.”
The SEC filed charges against Ripple and its top executives Brad Garlinghouse and Christian Larsen in 2020 for selling unregistered XRP securities.
The statement comes as a result of a RippleNet community lawyer announcing that Ripple had achieved a “very significant victory” against the SEC after Presiding Judge Sarah Netburn dismissed the SEC’s motion to review document protection. The documents were in reference to a talk given by former SEC Director William Hinman in which he said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
“This lawsuit is significant, not just for Ripple, but for the whole cryptocurrency industry in the United States,” Garlinghouse said.
He added that if Ripple loses the lawsuit, a precedent might be created for the SEC to classify the majority of tokens traded on cryptocurrency exchanges as “securities.”
This would indicate that exchanges might be pressed to register as brokers with the SEC and would be forced to declare the identities of all token holders.
