JAKARTA - The legal and court proceedings against allegations that XRP was used illegally have yet to find a clear path. Brad Garlinghouse, CEO of Ripple Labs, has no qualms about leaving the United States if the American Securities and Exchange Commission (SEC) wins in court over its demands.
The lawsuit filed by the SEC in December 2020, alleging that Ripple Labs Inc, Brad Garlinghouse, and Chris Larsen illegally used XRP as an unregistered security to raise $1.3 billion in funds, was pending so persistently that the Ripple CEO stated that it would leave the United States if the court ruled in favor of and in favor of the SEC's lawsuit.
Garlinghouse shed light on the matter in an interview with Axios media during the Collision conference in Toronto. He said if Ripple Labs lost the lawsuit, they would not think twice about leaving the US but would actually do so. He also added that losing, in this case, would not change anything in the wider crypto industry.
“If you think about how the world operates today, it's as if cases have disappeared apart from a few other exceptions. So if we lose, if Ripple loses, does that change things?”
Ripple Labs Against SEC
In mid-April, Ripple had scored a significant victory in its case against the SEC after Judge Sarah Netburn rejected the SEC's request to reconsider protecting certain documents from William Hinman's speech that Bitcoin and Ether were not securities.
However, the case is still ongoing, as the SEC managed to reverse Ripple's potential victory, claiming that Hinman should not have delivered the speech because he had a certain conflict of interest with the cryptocurrency in question. However, this point has been raised by Garlinghouse repeatedly, with the assertion that XRP is cryptocurrencies and not securities, the same as bitcoin (BTC) or Ethereum (ETH).
Based on the Crypto Potato report, currently, further investigations are being carried out by ethics officials to determine whether or not there was a conflict of interest for Hinman when delivering his controversial speech. The results of the investigation can be an instrument for Ripple and its legal strategy going forward.
Recently, Garlinghouse praised how the SEC handled the case, adding that he hopes the case will be resolved within the year. If this happens, the company will conduct an IPO.
In addition, Ripple also plans to open offices in Toronto and Canada, to create around 50 new jobs. It's worth noting that in addition to the 300 employees Ripple Labs has in the US, the company also has more than 300 workers overseas, so changing the office location won't change much.
The English, Chinese, Japanese, Arabic, French, and Spanish versions are automatically generated by the system. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)