Ripple CEO Brad Garlinghouse revealed the next action plan against the U.S. Securities and Exchange Commission in a lawsuit. With both parties agreed on a briefing schedule on remedies for its Section 5 violations concerning its institutional sales of XRP, Ripple aims to challenge the SEC’s claim on $770 million in disgorgement.
Ripple CEO Brad Garlinghouse Slams US SEC
Ripple CEO Brad Garlinghouse in a discussion with CNBC on November 10 said they are more confident after 3 consecutive victories over the U.S. SEC.
Firstly, the July 13 judgment by Judge Torres made it absolutely clear that XRP in itself is not a security. It allowed crypto exchanges to relist XRP, making the crypto coin rally past $0.80. Secondly, Judge Torres denied the SEC’s request for an interlocutory appeal. And last, the SEC dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen with prejudice. He calls the SEC’s approach as ‘insanity’.
“The SEC is doing the same thing over and over again and thinking they can get a different outcome. Grayscale also had an important victory in the United States about the Bitcoin ETF, with federal judge talking about a federal agency the SEC is being arbitrary and capricious.”
Talking about the next plan in the lawsuit, Brad Garlinghouse said the SEC has lost sight of their mission to protect investors. He added that Ripple will welcome the judge’s decision about remedies, looking at what investors were harmed and securities laws when it comes to institutional investors.
He believes it is a positive development for the whole industry, hoping for a thriving potential in the US. In addition, he argues the Sam Bankman-Fried case can not be used to blame the industry. He also takes a dig at SEC Chair Gary Gensler’s meeting with Sam Bankman-Fried.
Ripple CEO’s Prediction For the Market
Brad Garlinghouse goes on to give a long-term prediction for the crypto market, with Bitcoin halving, ETFs getting approved, and previous patterns being monumental for price action.
Big picture for the industry — need regulatory clarity, lots of utility, solving problems at scale. “Not experiments and possibilities.” However, he believes macro impacts will continue to catapult the crypto industry.
XRP price currently trades at $0.65, up 32% in a month and 85% in a year. Analysts predicted a massive rally in the next bull market.
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