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Ripple CEO Brad Garlinghouse Reveals New details on SEC Lawsuit

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Ripple CEO Brad Garlinghouse Reveals New details on SEC Lawsuit

Brad Garlinghouse said when the company will respond to allegations of selling unlisted securities for $ 1.3 billion, but dodged the question if the startup paid the exchanges to list the XRP token.

Brad Garlinghouse

Ripple is not going to give up and in the coming weeks will provide a response to the “unsubstantiated” allegations of the US Securities and Exchange Commission (SEC), said the head of the company Brad Garlinghouse in his Twitter account. Earlier, the US authorities filed a lawsuit against a blockchain startup for the sale of unregistered securities for $ 1.3 billion under the guise of their own XRP tokens. Against this background, the cryptocurrency rate fell from $ 0.52 to $ 0.18, then recovered to $ 0.32.

Garlinghouse evasively answered the question of whether the company paid the exchanges to list XRP. He wrote that the token is in the top 3-5 digital assets in terms of liquidity, and 95% of trading takes place outside the United States. The startup has no control over which platforms XRP is added to as it is a decentralized system. The founder of the Messari analytical service Ryan Selkis drew attention to the fact that Garlinghouse did not answer the question, and asked it again.

Exchanges start delisting XRP after SEC lawsuit

Many exchanges have started delisting or stopped trading XRP following the SEC lawsuit. Garlinghouse stressed that most companies do not refuse to work with the token but suspend it. Also, the head of the company said that in the United States there is “chaos” regarding the regulation of cryptocurrency. According to him, 8 different departments have different, sometimes opposite views on the digital asset market, which leads to regulatory conflicts.

Garlinghouse said the company was trying to negotiate with the SEC and resolve the conflict before the lawsuit. She will continue to work in this direction with the new leadership of the commission, but the process of resolving the conflict will be slow, the businessman concluded.

At the end of December, it became known that preliminary hearings in the SEC case against Ripple will be held on February 22, 2021. They will be conducted online. By February 15, the parties can send proposals for the settlement of the claim.

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