Garlinghouse says “I think the facts are on our side”: XRP lawsuit
Ripple’s boss believes that he will win the legal fight against the US Securities regulatory body.
Ripple is a San Francisco-based Fintech company, provides cross-border payment services for small & big businesses globally. In December 2020, The US Securities regulatory body initiated a case lawsuit against Ripple and claimed that the company operates its business with an unregistered security token (XRP), which is purely a violation of securities law.
Recently Brad Garlinghouse appeared in an interview with Axios at the Collision 2022. During the interview, Brad said that Ripple will win the case because the US Securities body, SEC, “massively overstepped”.
Brad admitted that facts produced by the SEC are right on their side but he thinks that facts are right in favor of Ripple.
Brad explained:
“I’m betting that because the law is on our side. I think the SEC has massively overstepped and is trying to take kind of jurisdictional ownership over something that is … I think they saw this gray area they’re like ‘hey we are going to go in,’ the Ripple executive elaborated.”
On the question of ” what happens if Ripple will lose the case”, Brad clearly said that nothing will happen with XRP except in the United States.
Ripple’s boss explained that the US Securities body has jurisdiction in the US only and in that situation XRP will be treated as security in the US but its status will remain same in all other countries.
“The SEC only has jurisdiction in the United States, and in some ways … How the world is operating right now is as if the case has been lost,” Brad said.
Earlier this, Ripple’s CEO shared his plan in case of failure in the XRP Lawsuit. He said that the company will focus its business expansion outside the US jurisdiction. It is worth noting that the past few months’ statements by the Ripple executive hint that the company is already preparing itself for the future critical situation, which may occur because of the XRP lawsuit.
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