In a recent interview, Brad Garlinghouse, CEO of the Ripple fintech firm, told CNBC that the legal battle against the SEC is going “exceedingly well”. He also stated that, despite the lengthy lawsuit, the company is experiencing “record growth”—but only outside the United States.
Brad Garlinghouse stated in a fireside chat hosted by CNBC on April 14 during a major blockchain-themed conference in Paris that the legal suit is going much better than he expected when it began 15 months ago—in late December 2020.
However, he stated that the case is not moving as quickly as he would like.
Garlinghouse also stated that he believes the legal battle with the SEC is nearing its conclusion and Ripple will “come out well “.
The SEC has charged Ripple Labs, its CEO Garlinghouse, and founder and former CEO Christopher Larsen for selling illegal securities disguised as the Ripple-affiliated cryptocurrency XRP token.
Ripple won a major victory against the SEC regulatory agency earlier this week, as per the report. The SEC’s motion to dismiss the email related to William Hinman’s Ethereum speech, a former SEC major official, was denied by the court.
Corporate lawyer James K. Filan, who is closely following the case, called it a “significant victory” for Ripple and its legal team.
Garlinghouse also admitted that the case ramifications will be critical not only for Ripple, but for the entire crypto industry in the United States.
He stated that there is a lot at stake here because, if Ripple loses to the SEC, the majority of coins trading on exchanges now would be labelled as securities, and trading platforms would be required to register with the SEC as broker dealers.
If Ripple wins, the SEC will require Ripple to know every single person who owns XRP because they will be considered shareholders, according to Garlinghouse. However, with XRP, this is not possible, he added.
