Ripple’s CEO Brad Garlinghouse has announced that the company’s prolonged legal battle with the SEC is nearing its conclusion. In a recent interview, he revealed that Ripple and the SEC are expected to settle their dispute next week following a private meeting.
For years, Ripple and the SEC have clashed over the classification of XRP, the digital asset used by Ripple, as a security. Brad has consistently argued that XRP is not a security, a stance recently supported by a judge's ruling. He emphasized, “This should have never become a partisan issue. We seek regulation and clarity.”
Brad has frequently criticized President Joe Biden’s approach to cryptocurrency regulation. Reflecting on the lack of progress, he stated, “Five years ago, I highlighted the absence of clear rules. Now, after a lengthy lawsuit with the SEC, there is still no clarity.” He also pointed out SEC Chairman Gary Gensler’s stance, saying, “Gensler views everything as a digital security. Despite judges ruling against him multiple times, he continues the fight.”
Discussing his interactions with the Biden administration, Brad mentioned a recent crypto roundtable in Washington, D.C., which included both Democrats and Republicans. “It was encouraging to see them listening to the industry,” he noted. Although Democrats have been slower to embrace crypto compared to Republicans, Brad viewed the discussion as a positive development. He also marked the one-year anniversary of XRP being declared not a security, describing it as a significant milestone for the industry.
Brad also highlighted the progress of international crypto regulations, noting that many countries have established frameworks for crypto oversight. “It’s frustrating that the U.S. lags behind while other countries are advancing,” he said. He disclosed that Ripple has spent over $150 million and three years in court battles, lamenting that the U.S. remains mired in litigation while other nations move forward.
