Ripple CEO Brad Garlinghouse said in a recent interview with Bloomberg that he expects the XRP lawsuit with the SEC to be resolved this year.
Brad Garlinghouse, CEO of Ripple waits a resolution to the much-talked-about lawsuit with the U.S. Securities and Exchange Commission (SEC) over XRP this year, according to a March 2 interview with Bloomberg.
“It’s been almost two and a half years since this litigation started. We’ve tried to move forward as quickly as possible,” Garlinghouse said. “The litigation has been fully informed in federal court, and we expect a decision certainly in 2023.”
Garlinghouse stressed the importance of being thoughtful and getting it right, as the lawsuit could have a huge impact on the entire cryptocurrency industry.
He also explained the reason why more industry players have rallied around Ripple over the past couple of years. “So I think people realized that the SEC suing Ripple wasn’t really about Ripple or XRP. It was really about how the SEC was playing offense. and was attacking the whole industry… Now it’s widely understood,” he added.
“This is going to be crucial for the whole industry,” Garlinghouse pointed out.
Ripple CEO says SEC approaches crypto regulation in unhealthy way.
“When I started working in the tech industry, some said the internet in the late 90s, others said the internet should be banned. Like they said, ‘This is how the internet is used at unlawful purposes”, he recalled.
However, the US government chose to create a regulatory framework instead, which allowed investors and entrepreneurs and to seek benefits on a geopolitical basis “to have the Amazons and Googles based and based in the United States”.
Any regulatory framework must start with clear consumer protection, says Garlinghouse.
The Ripple case will pave the way for crypto regulation in the United States and its outcome will be crucial for the entire industry.