Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 – Coins.fr
Ripple CEO Brad Garlinghouse believes that the court will make its decision in 2023 regarding the SEC-qualified status of the XRP token as a security. And this decision will be important for the industry, he warns.
The judgment has not yet been made. In December 2020, a US stock market cop filed a case against Ripple and its XRP token. The SEC considers it to fall under the category of security tokens.
The firm and the regulator have since clashed in court. The conclusion remains uncertain. But one thing is certain for Brad Garlinghouse, CEO and co-founder of Ripple: The decision will be “decisive for the industry as a whole.” »
Almost a single judgment about cryptocurrency
However, we will have to wait a little longer. However, the leader believes that the judge should make a decision in 2023. Last September, the two sides agreed to a quick solution.
Both Ripple and the SEC have filed a petition with the court for a preliminary ruling. They believe that the magistrate has elements that allow him to justify the decision, and this without waiting for the court.
Since then, the authorities have also taken several actions against players in the crypto industry, including recently Paxos, the issuer of the Binance BUSD stablecoin. The Securities and Exchange Commission has also authorized betting services offered by Kraken in the United States.
Ripple condemned SEC regulation
Brad Garlinghouse does not like this strategy, for whom such an approach, on the contrary, reduces the competitiveness of the United States in the international arena. “This is not a healthy way to regulate the industry,” he said last week on Bloomberg Television.
So XRP can pay the price. This token is not the only one that has been recognized by the US authorities as securities. Some of them are registered on Coinbase.
“Coinbase does not list securities. End of story,” the cryptocurrency exchange responded through its chief legal officer, Paul Grewal. Coinbase is also involved in legal proceedings against Ripple through amicus curiae.
Calls for legal clarity
The cryptocurrency exchange believes that the agency is not honoring its obligations to provide information and is demanding more legal clarity from it.
“Public authorities cannot condemn behavior as a violation of the law without providing fair notice that such behavior is illegal,” the exchange said this fall.
This call is supported by Brad Garlinghouse. With Bloomberg, the Ripple CEO reaffirms his support for clearer rules for cryptocurrencies in the United States.
Follow corners.pt on TwitterLinkedin, facebook Or Telegram not to miss anything. Subscribe to our crypto newsletter to receive a weekly news digest.