Major Highlights:
- According to Ripple CEO Brad Garlinghouse, the company’s legal battle with the SEC could be resolved by the summer, possibly with a multi-million dollar penalty.
- Garlinghouse highlights the need for precise regulation and suggests that XRP will be the first digital asset to be fully regulated in the US.
- Ripple’s resolve to refute the SEC’s allegations, despite formidable legal hurdles, highlights the company’s commitment to regulatory compliance and has broader implications for the cryptocurrency ecosystem.
Ripple is gearing up for a historic last-court battle with the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse has publicly expressed his optimism over a resolution of Ripple’s legal battle with the SEC.
Brad Garlinghouse indirectly says that the case will end this summer with the payment of a fine in the millions, not billions. #XRP would be the first fully regulated digital asset in the United States of America! 🚀📈 pic.twitter.com/XLpttRvSi8
JackTheRippler © (@RippleXrpie) June 4, 2024
If the penalties are in the millions rather than billions, as Garlinghouse believes, the case could go in favor of Ripple and XRP. He thinks the case could be settled by the summer this year.
In cryptocurrencies, it is very crucial to have clear regulation. According to Garlinghouse, XRP could be the first fully regulated digital asset in the United States.
XRP’s ability to gain widespread acceptance and be incorporated into existing financial systems depends on how clearly defined its regulatory framework is once this legal process is concluded.
Contrary to many of its rivals, the ripple denied the SEC’s allegations, dating back to December 2020, that it conducted an unregistered security offering through its XRP token sale.
In a recent interview with CNBC, Garlinghouse called the SEC’s conduct outrageous. He further added that Ripple has full confidence in the factual and legal merits of the case. Despite the significant legal hurdles, Ripple has received support from multiple sources. Major industry participants, such as Coinbase, have supported Ripple.
Ripple’s determination to refute the SEC’s allegations highlights the importance of the broader implications for the cryptocurrency ecosystem, as well as its commitment to regulatory compliance. As the legal court fight nears its conclusion, members of the crypto community are eagerly awaiting the judge’s judgment, which could mark a watershed moment in crypto regulation.
