Ripple CEO: SEC process is wrong, negotiations cannot stop

Charlie Taylor

Ripple CEO Brad Garlinghouse said the United States Securities and Exchange Commission (SEC) claims that the payments startup participated in an illegal securities offering are misleading. In an interview with Axios on HBO, Garlinghouse explains that XRP does not have the striking characteristics of a security title.

“I think this process is wrong. (XRP) has been traded for eight years. If it were a title, I think we should have known about this a long time ago… ”

The journalist then questions whether Ripple's defense consists in saying that the token was distributed a long time ago and traded for years without SEC intervention. "Is there now nothing to return?" He asks.

"No," says Brad, laughing. “If you have a title, it gives you ownership of a company. If Ripple leaves, XRP will continue to be traded. Many countries around the world – the United Kingdom, Japan, Switzerland, Singapore – all have clarity and certainty that XRP is not a title. In fact, the United States is the only country on the planet that has suggested that XRP is a security. ”

See too: Ripple: What is it? How does XRP work?

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Garlinghouse also believes that the SEC's lawsuit against Ripple would put the U.S. at a competitive disadvantage when it comes to cryptocurrencies.

“That's why I say, this is not only bad for Ripple, it is bad for crypts widely here in the United States and it is driving this activity, it is driving that business activity outside the United States. the United States cryptocurrency industry in general. I think if you believe that these are the future infrastructures for payment networks, I think we should be concerned with countries that have control over these technologies. ”

After the SEC lawsuit, several American brokers, such as Binance.US, interrupted XRP trading while the rest of the world followed through on trades. At the time of writing this article, the token is traded at $ 0.46 and is the seventh largest crypto market capitalization according to Coingolive.

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