JAKARTA – The case of Ripple vs. the US Securities and Exchange Commission (SEC) has yet to find a bright spot. The feud between the two parties began in December 2020 and is still ongoing today.
Recently Ripple boss Brad Garlinghouse discussed his company's feud with the SEC in an interview with Axios. He discussed the possibility of Ripple winning and losing its feud with US regulators at the court.
Previously, the SEC had brought Ripple Labs, Brad Garlinghouse and Chris Larsen to court in late 2020. Regulators accused Ripple and its top brass of selling XRP tokens in unlisted securities offerings. However, Ripple has denied the allegations. Until now Ripple is still battling lawsuits by US regulators.
In the interview, when Garlinghouse was asked what would happen if Ripple didn't get a favorable verdict and XRP was considered a security. Strictly speaking, the Ripple CEO replied that XRP would only be considered a security in the US.
"The SEC only has jurisdiction in the United States, and in some ways ... How the world is running today is as if the case is gone," Garlinghouse said.
He added that investors cannot trade XRP in the US on most crypto trading platforms. Coinbase, for example, stopped trading XRP immediately after the SEC filed a lawsuit against Ripple.
“If Ripple loses (to the SEC), does anything change? It's basically just the status quo. Ripple is still growing very, very fast,” concluded the Ripple boss, quoted from Bitcoin.com News.
Even so, Brad Garlinghouse believes Ripple will win against the SEC. According to him, Ripple has a strong reason to win, namely facts.
“I bet that because I think the facts are on our side. I bet it's because the law is on our side," he said.
On the other hand, until now the SEC has not made clear rules regarding the crypto industry. This condition makes a number of crypto companies worried because they do not know which rules to follow. The lack of clarity from the SEC's own rules is unfortunate among the crypto industry.
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