Garlinghouse Slams SEC in DC: Ripple Legal Bills Now Over 150M, Firm Will Fight SEC Up to Supreme Court.
#ripple #XRP Fam @bgarlinghouse at Dc Fintech week 23 Full Clip “Crypto Maximalism is Counterproductive for crypto” @ripple #XRPCommunity pic.twitter.com/NbipwqrENP
— 801_XRP (@801_XRP) November 8, 2023
Ripple CEO Brad Garlinghouse comments on the SEC lawsuit, saying the company has already spent over $150 million and is prepared to challenge the regulator in the Supreme Court.
Ripple CEO Brad Garlinghouse has revealed that the blockchain company still faces regulatory hurdles in the United States despite its legal victory against the Securities and Exchange Commission (SEC).
Garlinghouse made this known during his outing at the DC Fintech Week, emphasizing that US banks are hesitant to work with crypto-related firms.
In his remark at the DC Fintech Week conference yesterday, Garlinghouse said banks have chosen not to engage meaningfully with crypto companies until the government’s hostilities toward the industry change.
Garlinghouse Blames SEC Stance Toward Crypto
Garlinghouse described the SEC’s approach toward crypto as the major obstacle affecting the industry’s growth. It bears mentioning that the SEC chairman, Gary Gensler, is always vocal in criticizing crypto.
To justify his stringent approach toward crypto, Gensler claims crypto is a “Wild West rife with noncompliance and fraudulent activities.”
Garlinghouse said that while the US has continuously expressed hostilities toward crypto, other nations, including Japan, Switzerland, Australia, and the UK, have established clear regulatory frameworks to help the industry thrive.
Despite the situation in the US, Garlinghouse still believes the country can still become the leader of the global crypto space.
Garlinghouse Comments on SEC Lawsuit
Furthermore, the prominent crypto stakeholder took the time to comment on the ongoing SEC lawsuit against Ripple. The blockchain company has been in an intense legal battle with the SEC since December 2020.
Ripple received a breakthrough in the case after the court ruled on July 13 that most XRP-related transactions the SEC alleges to be securities are not.
The company also recorded another win after the SEC dismissed its charges against Garlinghouse and Ripple chairman Chris Larsen with prejudice.
Commenting on the SEC’s decision to drop the charges, Garlinghouse said the move suggests that Ripple now has the upper hand. Per Garlinghouse, the SEC dropped the charges because it acknowledged that it had no chance of winning the case.
Ripple Prepared to Take SEC Fight to Supreme CourtÂ
Meanwhile, Garlinghouse pointed out that the SEC lawsuit could go to the Supreme Court. Interestingly, he stated the company’s readiness to engage the commission in the country’s highest judicial authority.
Recall that the SEC had already signaled its intention to appeal the court’s July 13 ruling. Shortly after the court issued its summary judgment decision, the SEC expressed disappointment over the decision, thus asking the court to certify an interlocutory appeal.
The court denied the request, ordering the SEC to wait until all pending issues are resolved. With the SEC dropping its charges against Ripple execs, the regulator could file a full appeal in the Second Circuit sooner.
However, Garlinghouse, who believed the case could head to the Supreme Court, stated that Ripple is “in it till the end.”
Over $150M Spent Defending Ripple Case
During the interview, Garlinghouse pointed out that the blockchain company has spent over $150 million defending the SEC case.
With Garlinghouse speculating that the SEC case could head to the Supreme Court, Ripple may spend more in the legal tussle.
The Government Shouldn’t Pick Winners and LosersÂ
In addition, the Ripple CEO commented on the controversial June 2018 speech given by former SEC director Bill Hinman. In his remark, Hinman declared Bitcoin and Ethereum as non-securities.
He made the declaration despite top SEC officials stating their concerns about the confusion his speech could cause. Commenting, Garlinghouse said there should be a call to accountability regarding Hinman’s speech and the SEC’s decision to sue Ripple.
In his words: “There should be a call to accountability on investigative work, like why the SEC puts ripple on defense, and in another case, they say ETH is clear, government should not be picking winners and losers.”
He asserted that the United States government should not be in the position of picking winners and losers in the industry.
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