The impact of the SEC suit is not limited to Ripple (XRP): Garling House CEO

The impact of the SEC suit is not limited to Ripple (XRP): Garling House CEO

Ripple is still planning to go public, but the possibility of a major proceeding is causing the delay.

Brad Garlinghouse, CEO of Ripple Labs, who took the stage at the conference “Consensus 2021” held by CoinDesk on the 26th, said that the listing plan announced at the beginning of 2020 is the US Securities and Exchange Commission (SEC). ) Has to wait until the lawsuit is resolved.

“Ripple’s chances of becoming a public company are very high at some point, but the proceedings with the SEC need to be resolved.”

In December 2020, the SEC sued the company for selling crypto assets Ripple (XRP) as unregistered securities sales. The proceedings are still in the process of disclosing evidence, and the company is seeking disclosure of why the SEC has positioned Ripple (XRP) as a security.

“Good news is that the court has granted our allegations. We’ve been calling for clarification of regulations for a couple of years, and I think this is progress,” Garlinghouse CEO said.

XRP vs SEC

The proceedings with the SEC have not stopped Ripple Lab’s move to achieve speedy cross-border payments in collaboration with overseas partners, Garlinghouse said.

“In fact, Ripple (XRP) is considered a security only in the United States around the world, and everything outside the United States is regarded as a currency.”

Ripple has signed more than 20 contracts this year, he said, and efforts in Southeast Asia are growing significantly.

Meanwhile, Garlinghouse CEO said he was hit hard this year by “suspending” the alliance with MoneyGram, a major US money transfer company.

“MoneyGram and Ripple were key relationships in multi-billion dollar ODL (on-demand liquidity) transactions. We suspended the partnership in hopes of (regulatory) clarification.”

Garlinghouse also said the SEC’s suit would have widespread ripples, no matter what the court decides.

“It’s not just about Ripple, it’s not just about XRP. It affects all American crypto assets.”

Original Source : ourbitcoinnews.com

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