Brad Garlinghouse Announces End of Ripple Legal Battle with SEC

Bittime - Brad Garlinghouse, CEO of Ripple, recently revealed that the company's long legal battle with the United States Securities and Exchange Commission (SEC) is coming to an end. In a recent interview, Garlinghouse hinted that Ripple and the SEC will reach a final agreement at a private meeting scheduled for July 25.

Ripple and SEC Legal Battle: Latest Status

Over the past few years, Ripple and the SEC have been embroiled in a dispute over the status of XRP, the digital asset used by Ripple. The SEC claims that XRP is a security, while Garlinghouse and his team have always maintained that XRP is not a security. A recent ruling from a judge supports Garlinghouse's claims, strengthening Ripple's position in the dispute.

Garlinghouse criticized how the issue has developed into a partisan issue and stressed the need for clear regulations. "We want clear and transparent regulations," he said. He also criticized the Biden administration's approach to the crypto industry, stating that the lack of regulatory clarity has hindered the industry's development.

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Criticism of the SEC and Gary Gensler: An Ongoing Problem

Garlinghouse also criticized SEC chairman Gary Gensler, who was seen as making matters worse with his view that all digital assets are securities. “Gensler thinks that everything is a digital security. The judge has rejected his views repeatedly, but he persists,” Garlinghouse said. These criticisms demonstrate dissatisfaction with the regulatory approach adopted by the SEC.

Regarding his discussions with the Biden administration, Garlinghouse noted a crypto roundtable in Washington, D.C., attended by both Democrats and Republicans. “It's good to see they're listening to the industry,” he added, indicating progress in dialogue between the crypto industry and policymakers.

Reflections on the XRP Legal Decision: Impact on the Crypto Industry

Garlinghouse also commemorated the first anniversary of the legal ruling that XRP was not a security, which was considered a major achievement for the crypto industry. However, he emphasized that it is impossible to continuously bring every token to court. "We need clear regulations," he said, emphasizing the importance of legal clarity for the development of the crypto industry.

He also discussed international crypto regulations, highlighting that many countries have created frameworks for crypto regulation. “It's frustrating that the US can't do the same,” Garlinghouse said, adding that Ripple has spent more than $150 million and three years fighting in court while other countries have advanced on crypto regulation.

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Legislative Efforts and Crypto Support: Recent Developments

Garlinghouse mentioned recent legislation such as the Fit 21 Act which has passed the House and is being considered by the Senate. “There is momentum from both sides,” he said. He also discussed JD Vance's support for crypto, adding that Vance has proposed legislation that may be discussed in the Senate. 

However, Garlinghouse stands by his opinion that Gensler has gone to war with crypto and the banking sector and other anti-crypto elements are not helping the situation. He emphasized the importance of a clear regulatory framework, comparing it to the growth of the internet in the US in the late 90s which was driven by clear regulations.

Hope for a Soon Settlement: SEC's Next Steps

When asked about the current relationship with the SEC and any ongoing settlement talks, Garlinghouse said, “I can't comment on that specifically, but we hope a resolution will be reached soon.” With the hope of a final agreement, the crypto world and its stakeholders are looking forward to a resolution that will provide legal certainty and pave the way for better industry development in the future.

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