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- Brad Garlinghouse revealed his plans to reach a settlement with the SEC.
- Ripple is looking for absolute certainty on the type of altcoin XRP is, security or not.
- Ripple CEO wants cryptocurrencies regulated, in opposition to SEC Chair Gary Gensler’s views.
The Securities Exchange Commission (SEC) case against Ripple is drawing to a close. Based on the new developments, Ripple is likely to settle on one condition.
SEC v. Ripple case developments suggest that proceedings nearing conclusion
Brad Garlinghouse, CEO of Ripple, has revealed that the San Francisco based payments firm is likely to settle in the SEC v. Ripple case.
Garlinghouse has revealed that a settlement is likely to occur on one condition, that the regulator is expected to clearly define the regulatory status of XRP.
Garlinghouse states,
To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario, though, that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis.
Furthermore, the SEC has denied the motion by Ripple to seek internal documents about SEC’s internal trading policies and pre-clearance decisions. It is clear that unless there is absolute clarity on the nature of XRP, a settlement is unlikely to occur.
Garlinghouse argues that Ripple is using technology, at the same time when other cryptocurrency entities are. He says that XRP is not a security and it does not represent ownership in Ripple.
SEC Chair Gary Gensler recently stated that cryptocurrencies are unregulated entities, using the phrase “wild wild west,” when referring to regulation in crypto. Garlinghouse does not agree, as he states,
We lose sight of the fact that crypto is regulated. It’s regulated by the CFTC (Commodity Futures Trading Commission). It’s regulated by other government entities, whether it’s FinCEN (Financial Crimes Enforcement Network) and the US Treasury.
Rosie Rios, the 43rd treasurer of the United States recently commented on XRP’s utility and how it is different from other cryptocurrencies that find their value through speculation.
FXStreet analysts have evaluated XRP and contemplate a 15% drop in price, expecting the altcoin will retest the floor.
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