Ripple vs. SEC lawsuit is going ‘exceedingly well’: Garlinghouse

Sahana Kiran
Source – Unsplash

The Ripple vs. SEC lawsuit has been taking several turns lately. Following multiple setbacks, the crypto firm recently managed to score a “very big win” against the Securities and Exchange Commission [SEC] of the United States.

While this was a mere denial of the SEC’s plea to view information that was under the wraps, it came as a pertinent triumph for the crypto platform. Now, as SEC drowns in the pressure of proving XRP to be a security, Ripple seemed to be celebrating its dainty victory. The CEO of the firm also pointed out that the lawsuit was going smoother than expected.

Brad Garlinghouse, the CEO of Ripple addressed the crowd at the Paris Blockchain Week and discussed the ongoing lawsuit.

Lawsuits are no child’s play. The amount of time and money that goes into legally battling out the other party can be quite a task. However, Garlinghouse affirmed that the lawsuit was going on quite smoothly. He said,

“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”

The SEC has been called out by several individuals for its stringent move against Ripple. This case further loomed uncertainty with regards to the US’s stance on crypto. As a result, a possible win against the financial regulator could spruce up the crypto space in the US market. The Ripple CEO elaborated,

“This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States.”

Here’s what would happen if XRP was labeled security; Ripple CEO explains

Is XRP a security? This is probably the most asked question in the crypto-verse. Garlinghouse went ahead and details how this wasn’t possible. He said,

“If you determine XRP as security of Ripple, we have to know every person that owns XRP. That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”

XRP was one of the earliest launched cryptocurrencies. The asset made its debut back in 2012 and has amassed a massive following. Therefore, it would be a great task to figure out every person that entails the altcoin.