Ripple CEO Addresses SEC Appeal

• Ripple CEO Brad Garlinghouse speaks on the decision of SEC to go for appeal following a court ruling on the security status of XRP.

• Garlinghouse also hinted that the company would be making 80 percent of its hiring outside the US. 

Ripple’s long-standing legal battle against the US Securities and Exchange Commission was nearly concluded with a recent ruling that clarified that XRP is not security. However, the Commission announced its decision to appeal after filing a motion for interlocutory appeal with the court.

On top of that, the Ripple executives are expected to go for trial in Q2 2024 over charges of abetting securities laws and violations concerning the XRP token. Despite the ruling, Ripple Labs CEO Brad Garlinghouse still does not see a lot of key activities happening within the region with regard to the blockchain company.

According to him, 80 percent of recruitments this year would happen outside the US where there is more regulation clarity. 

You see markets like we have here in Singapore, certainly even what we’re seeing in Hong Kong, the U.K., and Dubai, where the governments are partnering with the industry, and you’re seeing leadership, providing clear rules and you’re seeing growth. And frankly, that’s why Ripple is hiring there, 80% of our hiring this year will be outside the United States.

Ripple CEO Brad Garlinghouse says over 80% of hiring this year will be outside US, where the crypto payments company is embroiled in a long-running legal dispute with the SEC https://t.co/BqKGTRFK95 pic.twitter.com/nZJyMMBvpY

— Bloomberg Crypto (@crypto) September 13, 2023

Garlinghouse Speaks More on SEC and XRP

According to Garlinghouse, governments in Hong Kong, Singapore, the UK, and Dubai are partnering with the industry, resulting in clarity of law and growth. In his statement, this is part of the reasons why Ripple is hiring from these regions. 

Speaking on the current decision of the SEC to appeal, Garlinghouse stated that they have spent over $100 million on the case already, and are very optimistic of victory. He also stated that the SEC repeats the same mistake over and over while expecting a different response. To him, the judge has already ruled that XRP is not a security.

Garlinghouse also explained that what the SEC asked permission from the court to appeal was not whether XRP is a security or not. The appeal is about the circumstances in which a transaction would be deemed an investment contract. The Ripple CEO said that he remains unshaken as the facts and the laws are on their side. 

Gary Gensler has been hammering on everything that looks like a nail. Just saying people need to register does not mean the laws classify them as securities. At least, what we have now seen in the Ripple case is very clear as the judge succinctly said XRP is not a security.

Responding to the question of whether or not the “door is permanently shut” on the US being a crypto hub, Garlinghouse did not rule that out entirely as the country has the largest economy in the world with 22 percent of the global GDP.

With an election right at the corner, Garlinghouse believes that there can be a shift as the new administration may create some favorable atmosphere for crypto to thrive. When this happens, XRP can easily take a rebound to hit beyond $1. As of press time, XRP was trading at $0.481122 with neutral market sentiment. In the last seven days, the asset has fallen by 4 percent. 

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