In an interview collected on ‘CNBC’, Ripple CEO Brad Garlinghouse has shared his vision of the legal dispute between the company and the US Securities Commission (SEC). According to Garlinghouse, the entity is “advancing by leaps and bounds” in the judicial process.
The CEO of Ripple has shown his confidence that the litigation, focused on the business relationship with XRP, the seventh largest cryptocurrency in the world, will end next year, although he has stated that “the judge realizes that this does not it’s just about ripple, will have broader implications”.
Ripple generated a lot of buzz during the cryptocurrency ‘boom’ of late 2017 and 2018, during which Bitcoin and other cryptocurrency prices spiked to all-time highs, including a token that Ripple is related to, XRP.
The SEC is concerned about Ripple’s ties to XRP, claiming that the company and its executives sold $ 1.3 billion of the ‘tokens’ in an unregistered securities offering. But Ripple argues that XRP should not be considered a security, to avoid much more regulatory scrutiny of the cryptocurrency, which has achieved a gain of more than 370% so far this year.
Garlinghouse has denounced on ‘CNBC’ the difference in acceptance of cryptocurrencies in other countries, highlighting the United Arab Emirates, Japan, Singapore and Switzerland as examples of countries that show “leadership” in their regulation. On the other hand, China and India have cracked down on the industry.