Speaking to Bloomberg about the ongoing lawsuit, Ripple CEO Brad Garlinghouse has said the US Securities and Exchange Commission (SEC) has already lost, which could have massive repercussions on the price of XRP. In addition, he addressed the meaningful court developments, and what they mean for the ongoing litigation.
In the interview, Garlinghouse stated that the SEC has lost the Ripple case “on anything they cared about.” Specifically, he referenced the court ruling that indicated XRP is not a security. Moreover, Ripple’s head noted that a conclusion to the lawsuit will depend on the government agency and its resolve in what he deems a losing fight.
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Ripple CEO Says SEC Lost In “Anything They Cared About”
For the last several years, the SEC and Ripple have been engrossed in a massive lawsuit. Both sides have dug in their heels, with the digital asset market anxiously awaiting a victor. Heading into 2024, many expected a conclusion to arrive, with the outcome likely to have massive implications as far as precedent.
Speaking to Bloomberg, Ripple CEO Bard Garlinghouse said that the SEC has already lost the court battle, which could be vital for XRP. Specifically, he said that the agency has lost regarding “anything they cared about” insinuating that Ripple has earned favorable rulings from the courts on all relevant decisions.
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Thereafter, Garlinghouse was asked about a timeline for a conclusion, and if higher courts could get involved. Thereafter, the Ripple CEO stated, “In everything we cared about, we won against the SEC. Will the SEC appeal and move it up to higher courts? We’ll see.”
Furthermore, he noted that the courts have already declined the SEC’s interlocutory appeal bid. Moreover, he noted the lawsuits against both Galirnghouse and Chirs Larsen being dismissed “with prejudice.”
Ultimately, Garlinghouse noted that the SEC will officially surrender if one of two things happens. Specifically, he said the agency has to either “realize they are losing consistently” or face Congressional intervention. He expressed his skepticism for the latter but emphasized his optimism.
What This Means for XRP?
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All of Garlinghouse’s comments regarding Ripple should be positive for XRP in the long run. Although he was undoubtedly open-ended in the ultimate conclusion to the case, he insisted Ripple would emerge on the winning side. Moreover, he addressed the ongoing excitement over a potential XRP ETF.
Specifically, the Ripple head noted that the firm would welcome an XRP ETF. Furthermore, he noted that there is an inevitability to expand ETFs for digital assets. He noted that having a single option is not a healthy reality for the market, and advocated for the likelihood that more ETFs could come to fruition.
Although these statements should be positive, XRP has yet to reflect that in its price. Over the last 24 hours, the asset is down more than 2%, and tarding at $0.54 according to CoinMarketcap. Only time will tell if the token can turn around, and ultimately get some positive push from the CEO’s statements.
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