The Ripple CEO expects the legal battle with the US Securities and Exchange Commission (SEC) to be completed this year. The businessman is sure of a favorable outcome of the proceedings.
Brad Garlinghouse, speaking at the World Economic Forum in Davos, expressed the hope that his company’s legal confrontation with the American financial regulator will end in June. Reason: Both sides presented their arguments in full to the U.S. District Court. Garlinghouse believes that the facts, laws, and, ultimately, the court should be on the side of Ripple, since the SEC demonstrated strange and illogical behavior during the entire process.
Earlier, SEC Chairman Gary Gensler announced his readiness for an open dialogue with cryptocurrency companies. According to Garlinghouse, Ripple repeatedly tried to arrange a meeting with the agency to achieve clarity on the regulation of cryptocurrencies, but the SEC preferred to communicate with Ripple through the courts. It doesn’t look like a public-private partnership, Garlinghouse rages.
The businessman believes that the outcome of the litigation will have huge consequences for the cryptocurrency industry, so Ripple will only accept the option that it will be recognized that the XRP cryptocurrency is not considered a security.
However, recently Gary Gensler made it pretty clear that the SEC treats almost all cryptoassets other than bitcoin as securities that should be regulated on par with the stock market.
Brad Garlinghouse advised the SEC to follow the example of regulators in the UAE, Japan, Sinnapur, Switzerland and the UK, who have a loyal attitude towards crypto assets. These states are trying to control the industry without interfering with its development.
Earlier, the CEO of Ripple said that if it were not for problems with the SEC, the XRP coin would be in second place in terms of market capitalization of the cryptocurrency market. XRP is currently ranked sixth with a market capitalization of around $19.6 billion.
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