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August 9, 2022
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Ripple CEO discusses the likelihood of a deal with the SEC

Ripple CEO Brad Garlinghouse said that, with the new government joining the Securities and Exchange Commission (SEC), he hopes that some of the old XRP conversations can be revisited.

Previously, Garlinghouse said the Securities and Exchange Commission (SEC) lawsuit against Ripple was not just an attack on his company, but on the entire cryptocurrency market in general. In December 2020, the SEC sued Ripple and its top executives for $ 1.3 billion in unregistered digital asset securities through XRP.

In an interview with Bloomberg, Garlinghouse reiterated that the SEC’s lawsuit against Ripple was an attack on the entire cryptocurrency market. He said the United States was really the “only country on the planet” that saw XRP as a title, citing the lack of clear regulations for cryptocurrencies in the country. Garlinghouse also pointed out that the United Kingdom, Japan, Singapore and Switzerland had “very clear regulatory frameworks”.

When asked if there was any chance of a possible settlement with the SEC, Garlinghouse did not give a definitive answer, but said:

“I am hopeful that, as a new administration joins the SEC, there will be an opportunity to revisit some of these conversations.”

Gary Gensler, chosen by President Joe Biden to chair the Securities and Exchange Commission, will see his candidacy confirmed within a few weeks. Garlinghouse hopes that this will be a new opportunity for Ripple and the SEC to revisit the XRP negotiations.

Ripple’s CEO then referred to the process timeline and said it didn’t make much sense, since XRP had been trading on the market for eight years. Former SEC Jay Clayton decided to slap Ripple with an XRP lawsuit the day before he left the Commission. Many, including Garlinghouse, criticized this move.

Garlinghouse has now told Bloomberg that Clayton’s decision to sue Ripple the day before he left his SEC position was wrong, since XRP had been traded on the market for eight years. Garlinghouse’s perspective is echoed by that of Mary Jo White, a former SEC executive who now works for Ripple. Previously, she openly stated that the SEC was completely wrong in pursuing XRP as an unregulated bond.

Many also indicated that the improbable timing of the lawsuit could be an indicator that there was disagreement within the agency about moving to sue Ripple for XRP reasons.

Source: BlockchainNews

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