Ripple’s victory is a victory for the broader crypto market, says Garlinghouse
The CEO of Ripple believes that the recent ruling in favour of the blockchain company is a victory for the broader cryptocurrency market.
Brad Garlinghouse, the CEO of blockchain company Ripple, told Bloomberg in an interview a few hours ago that the recent ruling in favour of the blockchain company is a victory for the broader cryptocurrency market. Garlinghouse said;
“I think it is a victory not just for ripple the company but the whole industry. The SEC consistently tried to expand its reach and control over the industry. And to have the executive order coming out sent to all agencies saying we need to be coordinated. If we need to not have one group behaving one way and another group behaving another way.”
Garlinghouse made this statement after a court ruled in favour of his company's defense against the SEC, alleging they had unlawfully sold their XRP tokens.
The Ripple vs. SEC battle has been going on since the end of 2020, when the regulatory agency accused the blockchain company of issuing and selling XRP as unregistered securities.
Ripple has battled the SEC on this issue, maintaining on numerous occasions that XRP tokens are not securities. The company cited Bitcoin and Ethereum, which the SEC maintains are not securities.
Garlinghouse also gave his views about the roles of cryptocurrencies in the ongoing invasion of Ukraine by Russia. When asked if he thinks cryptocurrencies could be used to sanction Russia, the Ripple CEO said;
“I think this is a bit of a red herring. The practicality of using this to circumvent sanctions is really difficult. The reality is that if you just take the basic math before the invasion of Ukraine.”
Gralinghouse added that;
“There's about $50 billion a day Russian ruble cross-border fx trades. There's just not enough liquidity in the crypto markets to put a dent in that. Moreover, the point at which sanctions are applied is at the endpoint.”
XRP is down by 1% over the past 24 hours and currently trades at $0.758 per coin.