Sunday, June 16, 2024

Ripple CEO Brad Garlinghouse Highlights SEC’s Loss in Groundbreaking XRP Ruling

Ripple CEO Brad Garlinghouse Criticizes SEC’s Failures and Celebrates Groundbreaking Ruling.

In an insightful thread, Brad Garlinghouse, the CEO of Ripple, responds to Fox Business reporter Charles Gasparino’s inquiry about the recent ruling in favor of Ripple against the U.S. Securities and Exchange Commission (SEC). Garlinghouse firmly asserts that the SEC’s attempt to portray the ruling by Judge Analisa Torres as a split victory between Ripple and the regulatory agency lacks merit.

Addressing Gasparino, Garlinghouse expresses his willingness to discuss the facts and dismisses the SEC’s narrative, labeling it as “pathetic.” He emphasizes that the SEC lost on all significant aspects of the case, a sentiment echoed not only by Ripple’s legal team but also by various legal experts.

Gasparino’s query about settling part of the SEC case, which it supposedly lost, prompts Garlinghouse to clarify that the settlement will be determined by the courts. He points out that the case did not revolve around monetary penalties or fees but centered on the crucial goal of establishing XRP as a non-security, which the ruling successfully achieved.

Regarding potential penalties, Garlinghouse highlights that it falls within the court’s jurisdiction, not the SEC’s. He reminds Gasparino that fines and penalties were never the focus of the case; rather, it aimed to solidify the non-security status of XRP. With that objective accomplished, Garlinghouse confidently asserts, “We won. They lost.”

Moreover, Garlinghouse views the ruling as a direct contradiction to the SEC’s broad assertion that nearly all digital assets should be classified as securities. He hopes that this landmark decision will serve as a wake-up call for Congress, signaling the need for a reevaluation of the SEC’s stance. Furthermore, he anticipates that the ruling will set a favorable precedent for other digital tokens in the United States.

By presenting these insights, Garlinghouse provides a nuanced perspective on the groundbreaking ruling while highlighting the SEC’s failures and emphasizing the significance of the outcome for Ripple and the wider cryptocurrency community.

Read Also: Kalima Secures $10 Million Investment Commitment and Announces Private Sale and DEX Listing

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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