The chief executive officer of Ripple shared his thoughts on the Ripple vs SEC legal case.
Ripple is a San Francisco-based Fintech firm, which has the top rank among the modern payment solution provider companies. At present, Ripple is facing huge legal hurdles because of US regulators’ lawsuit against the company’s operations with XRP as unregistered securities.
On 14 February, Speaking at Paris Blockchain Week, Brad Garlinghouse, Chief executive officer of Ripple, said that Ripple is getting better outcomes than what was expected from this ongoing case against US Securities and Exchange Commission (SEC).
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”
Ripple’s boss also said that the case is not important for Ripple but also for the whole US crypto industry. He also said that if Ripple will lose the case then the majority of the tokens on crypto exchanges will go through securities law and also Exchanges will be required to register with the SEC agency as crypto brokers.
Ripple CEO also noted that if XRP token will be recognized as security then in those situations, it will be necessary to provide details of all XRP holders to the SEC agency, which is impossible.
“If you determine XRP as security of Ripple, we have to know every person that owns XRP…(..)…That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”
Earlier today, Ripple secured a win in the SEC vs Ripple case because Court Judge Sarah Netburn refused to reconsider shielding documents under privilege. Documents included statements of Hinman on Bitcoin and Ethereum, where he said that these two assets are not securities.
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