Market

Ripple – SEC lawsuit makes positive progress, Brad Garlinghouse expects to end next year

Fintech company Ripple is making great strides in a regulatory battle with the US Securities and Exchange Commission, CEO Brad Garlinghouse told CNBC on Monday.

Garlinghouse – CEO of Ripple

Garlinghouse hopes the lawsuit against XRP, the world’s seventh largest cryptocurrency, will likely end next year.

“We are making good progress, even if the legal process is slow. Obviously we see that the judge is asking very good questions. And I think it is clear to the judge that this is not just about Ripple, but that it has far-reaching effects. ”

San Francisco-based Ripple caused quite a stir during the crypto boom in late 2017 and 2018 when the prices of Bitcoin, Ether, and other cryptocurrencies soared.

XRP is a token closely related to Ripple that benefited from that rally, reaching an all-time high (ATH) of $ 3.84. Since then it has fallen significantly and has not yet been able to return to this level and is also the only coin that has not been able to set a new ATH.

Source: TradingView

Ripple’s technology was developed to enable banks and other financial services companies to move money across borders faster and at lower cost. The company also markets another product called ODL that uses XRP for cross-border payments.

The SEC is concerned about Ripple’s relationship with XRP, accusing the company and its executives of selling $ 1.3 billion worth of tokens in an unregistered securities offering. However, Ripple argues that XRP shouldn’t be considered a security, a classification that would put it under much more stringent regulatory scrutiny.

The lawsuit comes as regulators around the world scrutinize cryptocurrencies, a market that remains largely unregulated but has regained popularity over the past year.

Garlinghouse said the United Arab Emirates (UAE), Japan, Singapore and Switzerland are prime examples of “leading regulation” of cryptocurrencies, while China and India have cracked down on them.

“Overall, the direction is very positive,” added Garlinghouse.

Brady Dougan, former CEO of Credit Suisse, said regulation is a key factor in crypto that is likely to evolve over time.

“It is a market that is only just beginning to develop. I think it’s a healthy market and it will continue to grow in a positive direction. ”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.