In a recent interview on Bloomberg TV, Ripple CEO Brad Garlinghouse discussed the current legal dispute with the U.S. Securities and Exchange Commission (SEC).
He mentioned Ripple’s positive stance regarding the possibility of launching exchange-traded funds (ETFs) for XRP. Here are the main points from the interview.
Ripple CEO Discusses Legal Battle with SEC
In addressing Ripple’s ongoing legal dispute with the US Securities and Exchange Commission (SEC), CEO Brad Garlinghouse highlighted the SEC’s approach of “regulation through enforcement.” He emphasized Ripple’s continuous advocacy for clearer regulations within the cryptocurrency industry.
Garlinghouse expressed satisfaction with the court’s ruling in the Ripple case, which determined that XRP itself is not classified as a security. He affirmed, “The SEC has lost consistently. They lost the Ripple case on everything they cared about.”
Despite the favorable outcome, Garlinghouse acknowledged the possibility of the SEC appealing the decision. He noted the uncertainty surrounding the timeline for resolution, stating, “It stops when the SEC either realizes they’re losing consistently, or you have Congress lean in and write new legislation.”
Ripple CEO Welcomes Potential XRP ETFs
Previously, Ripple CEO Brad Garlinghouse refrained from commenting on the launch of XRP exchange-traded funds (ETFs), citing other priorities for the company. However, recent developments indicate a shift in perspective.
Addressing the growing speculation surrounding XRP ETFs, Garlinghouse now welcomes the idea, likening it to the early stages of the stock market. He stated, “We would certainly welcome it. It only makes sense there will be other ETFs too… the earliest days of the stock market. You want to typically think about diversifying risk.”
Garlinghouse expressed Ripple’s openness to various ETFs covering different tokens, envisioning a wide array of options, including baskets, to mitigate risks associated with investment.
Ripple’s Commitment to Compliance and Regulatory Engagement
The discussion delved into Ripple’s broader role within the cryptocurrency sphere, highlighting the company’s dedication to compliance and regulatory involvement.
Garlinghouse provided insights into Ripple’s acquisitions, notably Standard Custody, underlining the significance of custody solutions for institutional success in the crypto market. He emphasized Ripple’s adherence to compliance in all its endeavors, stating, “Everything we have done at Ripple has compliant first… this year, I think has to be a compliance-first mindset for all of the crypto industry.”
Garlinghouse stressed the importance of the United States reclaiming a leadership role in cryptocurrency regulation. He mentioned Ripple’s involvement in a super PAC, alongside Andreessen Horowitz and Coinbase, aimed at supporting pro-crypto candidates advocating for constructive regulation and innovation.
Discussing regulatory hurdles, Garlinghouse addressed Senator Elizabeth Warren’s perspective on AML (Anti-Money Laundering) and KYC (Know Your Customer) laws. He disagreed with her stance, asserting that KYC and AML regulations are clear and that the crypto industry is committed to compliance, debunking the notion that it bypasses these rules.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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