Ripple’s chief executive Brad Garlinghouse says the San Francisco-based payments firm is open to settling its lawsuit with the U.S. Securities and Exchange Commission (SEC) under one condition.
In a new interview with Fox Business, Garlinghouse says Ripple would be willing to settle with the SEC if the regulator clearly defines the regulatory status of XRP.
“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario though that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis.
And it’s very clear that how Ripple is using these technologies, how many scores of other people in the community are using these technologies. They’re not securities. They do not represent an ownership in Ripple the company.”
Garlinghouse also says that the crypto industry is already significantly regulated despite recent statements by SEC Chair Gary Gensler that the space is a “Wild West.”
“I think we lose sight of the fact that crypto is regulated. It’s regulated by the CFTC (Commodity Futures Trading Commission). It’s regulated by other government entities, whether its FinCEN (Financial Crimes Enforcement Network) and the U.S. Treasury. So when I’ve heard the SEC people come forward and say, ‘Hey this is the Wild Wild West. It’s not regulated.’
Well that’s not entirely true… Previously, they (SEC) said Bitcoin’s not a security. ETH’s (Ethereum) not a security.”
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