- Ripple (XRP) CEO Brad Garlinghouse is optimistic about Ripple’s victory against the SEC, potentially marking a significant win for the crypto industry.
- The possibility of an XRP ETF emerges as Bitcoin spot ETFs gain traction, with Ripple emphasizing compliance as its key focus for the year.
Ripple’s (XRP) ongoing legal skirmish with the US Securities and Exchange Commission (SEC) is nearing a pivotal juncture, with CEO Brad Garlinghouse expressing confidence in a landmark victory for Ripple and the crypto industry at large.
During a Bloomberg interview, Garlinghouse critiqued SEC Chair Gary Gensler’s aggressive regulatory approach, emphasizing Ripple’s consistent legal triumphs, including the pivotal ruling that deemed XRP not a security.
XRP Legal Status Questioned
Garlinghouse highlighted Ripple’s string of successes in court, notably the dismissal of the case against him and co-founder Chris Larsen “with prejudice.” This series of legal wins underscores Ripple’s argument that XRP, a leading cryptocurrency, does not constitute a security under US law—a stance that, if maintained, could significantly impact regulatory approaches to cryptocurrencies.
The conversation also touched on the burgeoning interest in cryptocurrency Exchange Traded Funds (ETFs), with Bitcoin spot ETFs being this year’s standout trend. Garlinghouse hinted at the natural progression towards ETFs for other major cryptocurrencies, including XRP, given its market stature. Despite speculation about collaborations with BlackRock, the current leader in crypto ETFs, Garlinghouse remained tight-lipped about any potential partnerships for an XRP ETF.
Emphasizing Compliance
In the wake of high-profile compliance failures in the crypto sector, notably the collapse of FTX and the regulatory settlements of Binance, Garlinghouse stressed the importance of regulatory compliance for Ripple. He pointed to these cases as cautionary tales, highlighting the dire consequences of regulatory neglect. For Ripple, ensuring compliance with existing financial regulations remains a paramount goal for the year, positioning the company as a responsible player in the cryptocurrency space.
Despite the optimistic outlook on the legal and regulatory front, XRP has experienced a slight downturn, trading at $0.5402, a 1.60% decrease over the past 24 hours. This dip comes amid a broader discussion about the cryptocurrency’s future and its role in the payment sector, contrasting with Bitcoin’s established status as a store of value.
