Ripple CEO Brad Garlinghouse answered on Twitter some questions about the XRP and the SEC process.
The first question concerns the cause of Ripple’s failure in an agreement with the SEC itself. Garlinghouse did not answer this question, in part because with an ongoing process some of the details are unlikely to be detailed, and simply states that the company will continue to try to resolve this issue so that the XRP community can continue to innovate.
However, in his response he makes a clear and explicit reference to the new SEC administration, which may in fact be less hostile than the previous one.
The second question concerns both the alleged payment by Ripple to the exchanges to list the XRP, and the timing of reactivating the trade.
Garlinghouse claims that XRP is 95% traded outside the United States and that the company has no control over where XRP is listed and who owns it. He even claims that XRP is open source and decentralized.
At the moment, however, XRP has not been removed from the exchanges, but for now many have simply suspended trading, especially for US users. Furthermore, the situation today still does not seem entirely clear.
The third question concerns Ripple’s response to the SEC’s allegations of XRP.
Garlinghouse admits that the legal process can be slow, but reveals that while it may not seem to be moving forward, there is actually a lot going on behind the scenes and the company will present its initial response in a few weeks.
Check out the full Garlinghouse Twitter thread by clicking on here.
“Faith” in XRP
The fourth question is whether investors continue to have faith in Ripple.
This question is interesting, because it does not really refer to XRP holders, but to Ripple shareholders, and the use of the word “faith” is intriguing, since XRP is far from being a decentralized cryptocurrency.
Garlinghouse responds by saying that Ripple’s shareholders still have faith in the company and that they should not be confused with XRP holders.
The final question concerns customers paid by Ripple to use XRP. The CEO admits that some pioneering customers have received incentives to use ODL to build a payment network, but he also reveals that this has been done in the past by other companies that have also created traditional payment networks.
Garlinghouse concludes by writing:
“We are on the right side of facts and history and we look forward to our day in court – as well as engaging with the new SEC leadership, once appointed.”