In a bold and unyielding stance against the Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse has declared the company’s unwavering determination to challenge the SEC in the Supreme Court, despite recent legal victories. Garlinghouse’s comments came during his appearance at the DC Fintech Week, where he shed light on the ongoing regulatory challenges faced by Ripple.
The CEO’s bold statements come in the wake of Ripple’s expenditure of over $150 million in its legal defense against the SEC. Garlinghouse excited the X community (formerly Twitter) by dropping hints about the discussions and ideas surrounding the eagerly anticipated Ripple Swell 2023 event, scheduled for November 8 and 9 in Dubai.
Every year I look forward to #DCFintechWeek — everyone from the public to private participants in one room, discussing (and sometimes debating) the substantive issues with no holds barred. wondering…a proverbial cage match?! See you on Wednesday, and then off to #RippleSwell! pic.twitter.com/rLHVG5gRvp
— Brad Garlinghouse (@bgarlinghouse) November 6, 2023
During the conference, Garlinghouse emphasized that US banks are reluctant to collaborate with crypto-related firms, attributing this hesitation to the government’s adversarial stance towards the industry. He highlighted the need for an open dialogue between the crypto sector and regulatory authorities, calling for a positive step forward in the industry’s relationship with the SEC.
Garlinghouse’s resolve to take the case to the Supreme Court follows Ripple’s recent legal successes. Furthermore, the SEC dropped all charges against Ripple’s executives, including Garlinghouse and Chairman Chris Larsen, indicating a turning tide in the legal battle.
Despite these victories, Garlinghouse stressed that overcoming the SEC is insufficient to attract US banks and financial institutions to the crypto space. He pointed out the pressing need for clearer and more favorable regulatory frameworks in the United States. He cited the country’s lag behind other nations like Japan, Switzerland, Australia, and the UK, which have established conducive environments for crypto businesses. He added,
They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC [Options Clearing Corporation] is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully.
Highlighting Ripple’s global expansion strategy, Garlinghouse revealed that the company has successfully ventured into Australia, the UK, Africa, and the Gulf States. He questioned the rationale behind hiring more employees in the United States when the regulatory climate remains hostile, leading Ripple to focus its growth efforts overseas.
Recently, the SEC was denied its bid to appeal allegations of unlawful securities sales against Ripple. This news triggered an immediate 8% surge in XRP’s price, reaffirming its status as a prominent player among the top 100 digital assets.
