Tony Edward, founder of the Thinking Crypto Podcast, highlighted an interview with Ripple CEO Brad Garlinghouse, where he provided an update on the company’s ongoing legal matters. Speaking about the conclusion of the SEC’s appeal , Garlinghouse stated, “This provides a lot of certainty for Ripple, for frankly me personally, because the SEC had sued me. The SEC has abandoned their appeal.” He recalled that the SEC initially filed suit in December 2020, and in the summer of 2023, Judge Analisa Torres ruled that “XRP in and of itself was not a security.” He emphasized that Ripple now controls its legal course with the SEC dropping its appeal. Garlinghouse explained that the company still has a cross-appeal pending, which means it now has the opportunity to determine its next steps. “We go from being defendant really to plaintiff,” he said, indicating that Ripple is in a position to make strategic decisions regarding its legal approach. When asked whether Ripple plans to drop its appeal, he responded, “We’re gonna see. It feels a lot better to be on the offense than the defense.” He revealed that Ripple has spent over $150 million in legal expenses over the past four years, for its defense and the broader crypto industry. Garlinghouse criticized the SEC under Chair Gary Gensler, saying, “The Gensler SEC was really trying to bully and continue with lawfare, filing lawsuits and lawsuits and lawsuits against crypto companies. That’s over now.” He called this a positive development for the U.S. crypto industry and the global market. The $125 Million Penalty and Possible Refund Regarding the $125 million civil penalty imposed on Ripple for certain XRP sales to institutional investors, Garlinghouse clarified that the amount remains in escrow while the company considers its next steps. “We wouldn’t mind having that back,” he said, noting that the fine was tied to sales from 2015 and 2016. He emphasized that there was no investor harm in the case, questioning the justification for the fine. “When you have a case where there were no investor harm, no investors lost any money, you’re kind of like, wait, why are we here?” He attributed the lawsuit to Gensler’s attempt to control the crypto industry. However, he suggested that with recent regulatory shifts, there may be an opportunity to resolve the matter. “The question is, do we want to fight that fight or can we come to an agreement with the SEC to drop everything?” Ripple and the Biden-Trump Transition in Crypto Policy Garlinghouse noted that the regulatory climate has changed significantly with the current U.S. administration. He highlighted the appointment of Paul Atkins, Scott Bessons, and David Sachs as influential figures in shaping crypto policy. “Would I have walked away before they appealed, before President Trump put Paul Atkins and Scott Bessons and David Sachs as critical key, very smart leaders in this industry? I would have walked away,” he said. He also contrasted the differing approaches between administrations, stating, “In the Biden administration, we couldn’t get a meeting with people at the White House. Now we’re welcomed into the White House, and that’s just a massive change.” He argued that the new administration aims to bring the crypto industry back to the U.S. rather than pushing it offshore. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 XRP and the U.S. Government’s Crypto Stockpile The discussion turned to the role of XRP in the U.S. government’s digital asset strategy. Garlinghouse referenced a post by President Donald Trump on Truth Social, which indicated that XRP might be included in a planned “crypto stockpile.” However, he acknowledged that the executive order on digital assets did not specifically mention XRP. “I don’t know what specifically is in the executive order,” he said, but added, “My understanding is there’s going to be a Bitcoin strategic reserve. There’ll be a crypto stockpile representing other cryptos, and I would expect that will include XRP.” Garlinghouse suggested that seized digital assets, including XRP, could be part of this stockpile. “To the extent that various law enforcement agencies have seized cryptos, which would include XRP, those would go into the stockpile in addition to the Bitcoin strategic reserve,” he explained. The Future of an XRP Exchange-Traded Fund (ETF) On the XRP ETF, Garlinghouse expressed confidence that such a product will be launched. “I have immense confidence on the ETF,” he said, mentioning that there are currently 11 applications for crypto ETFs under review by the SEC, including those from Bitwise and Franklin Templeton. He projected that these products would be available in the second half of the year. He also pointed out that XRP-based investment products outside the U.S. have already been launched, and demand has been strong. “At a time when a lot of outflows are exiting some of the crypto ETFs, you’re seeing inflows into XRP,” he said, attributing this to the resolution of regulatory uncertainty. “ Garlinghouse’s remarks reinforced that Ripple has emerged from its legal battle with the SEC in a stronger position. With the agency dropping its appeal, Ripple now has greater control over its legal strategy and financial future. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Ripple CEO Gives Clarity On What Is Next After SEC Drops XRP Case appeared first on Times Tabloid .
