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In a recent interview with CNBC, Ripple CEO Brad Garlinghouse spoke about his firm’s legal battle with the U.S. Securities And Exchanges Commission and expressed his optimism.
His company was sued in November 2019 by the regulator for allegedly selling its native token XRP as an unregistered security.
Garlinghouse said:
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.
But the wheels of justice move slowly.”
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Despite “operating in the worst case scenario,” the CEO said, referring to his business having sold “zero” enterprise contracts to U.S. financial institutions in 2021, he said to be experiencing record growth, noting that “It’s just outside the United States.”
About Ripple Labs court case and the importance for the crypto industry, Garlinghouse commented:
“This case is important, not just for Ripple. It’s important for the entire crypto industry in the United States. It would really be negative for crypto in the United States… If you determine XRP as a 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.”
A few days earlier, Federal Judge Sarah Netburn mandated the SEC to hand over all drafts and emails relating to the ‘controversial’ 2018 William Hinman speech, where the former director referred to Ethereum as not qualifying as a security.