The battle between Ripple and the SEC has been stretched for months now without any headway. In a recent interview with Brad Garlinghouse, the CEO of Ripples, he said that he’s hopeful that the incoming SEC administration will be different. Nevertheless, it appears as if the whole situation is still hanging by a thread – nothing is certain yet.
Last month, the regulator subpoenaed the 8-years financial records of the crypto company’s executives, Brad Garlinghouse and Chris Larsen from 6 banks. Ripple argued that the SEC’s request was a “wholly inappropriate overreach.”
Brad Garlinghouse revealed in an interview with Bloomberg that it is prepared to fight “Vigorously.” Ripple has maintained its defense that the former SEC chair’s claim against the company is absurd. Brad continued that XRP has been trading for eight years and the SEC had to wait that long just to bring a case against them last year.
From Brad’s stance, it appears he is optimistic concerning the incoming administration of Gary Gensler as the SEC Chair. He said that “there is an opportunity to have a conversation with the new leadership” since it is going to be an entirely new team. Brad added that the lawsuit is not just against his company but the whole crypto community.
Ripple Promises to Keep Fighting
Gary Gensler was cleared by the senate a couple of weeks ago as the SEC Chairman. He is a professor at MIT, teaching blockchain, digital currencies and financial innovation. He is also credited by the crypto community for his deep knowledge of blockchain technologies.
However, during his confirmation hearing some weeks back, Gensler said that “Bitcoin doesn’t qualify as a security”. He said, “unlike other cryptocurrencies, Bitcoin has no ICO and no common enterprise. He ended by referring to Ripple as a common enterprise. However, Brad also recently revealed that the markets are changing, so the“rules have to change too.”
Now that Brad has revealed that Ripple’s hope is hinged on Gensler’s incoming government, it is difficult to tell how the case will play out. However, Brad revealed that the company will continue to fight on.