The San Francisco-based fintech company has seen significant success in recent months. On March 12, Analisa Torres refused the SEC’s motion to bar Ripple from using a “Fair Notice Defense”. The SEC alleged that the payment company was illegally selling XRP as an unregistered security. A position that the regulator has maintained to this day.
Now Brad Garlinghouse celebrated this victory while speaking in an interview on Bloomberg.
Calling for a party?
The recent court decision not to suspend Ripple’s fair notice was a victory for the entire crypto industry. Garlinghouse claimed:
“I think it’s a win not only for Ripple company, but also for the entire crypto industry. I think the SEC has consistently tried to really expand their reach and their control over the crypto industry. We have seen that not only with Ripple, but also in other cases.”
Although, called for an urgent need for regulatory clarity in the US. “If we want the US to become a leader in this new growing critical innovative industry like the Internet 20 years ago, we need that regulatory clarity,” he added. Something Plaintiff could not do. The SEC basically just comes out and says, “We’re going to file lawsuits, enforcement. They’re not going to give clear rules so people know how to work like other countries have done.”
Not being able to provide that could become difficult for regulators. Former SEC Commissioner Joseph Grundfest had reiterated his concerns about the issue. He claimed, “If you’re transacting XRP on a foreign currency that’s not in the United States, the SEC can’t reach it.” This was in line with the opinion of the US Supreme Court.
More damage
According to the CEO, the SEC has hurt the competitiveness of the cryptocurrency industry in the world’s largest economy.
“I think there is no doubt that the United States SEC has reduced the competitiveness of this critical industry in the United States. I think they are out of step not only with other parts of the US government, but with other major economies around the world.”
The only country in the world that considered XRP, the digital asset that Ripple uses, could be a security, was the United States.
That said, XRP holders have expanded amid the ongoing battle. The main question here was, despite winning this car, can XRP bounce back?
As of going to press, XRP suffered another 1% correction as it traded below $0.8. What’s next?