At the World Economic Forum (WEF), Ripple CEO Brad Garlinghouse discussed the continuing legal struggle and his company’s financial stability.
After being asked to give over communications from SEC Director Bill Hinman, Ripple CEO Brad Garlinghouse spoke out about the matter at the World Economic Forum (WEF) in Davos. The boss of Ripple suggested that they may hold damaging information.
Garlinghouse speculates that the release of these records will lead to more inquiry into the SEC’s decision to sue Ripple.
“When they come to light, I believe we will hear more questions along the lines of, ‘How is it possible that the SEC chose to launch a lawsuit against Ripple, given what they were saying inside its walls?'” the Ripple CEO added.
Ethereum (ETH), the second biggest cryptocurrency, was the subject of a June 2018 lecture by former SEC official Bill Hinman, who argued that ETH shouldn’t be categorised as a security.
During the discussion, Garlinghouse also discussed the harm to the company’s image from the FTX bankruptcy and the fraud accusation against company founder Sam Bankman Freed. Even said, he insists that the crisis wasn’t necessarily a crypto issue despite popular belief to the contrary.
Despite the lawsuit filed by US authorities about XRP’s security status, Ripple has amassed a billion-dollar cash reserve, according to Ripple CEO Brad Garlinghouse. It was pointed out that 95% of Ripple’s consumers were located outside of the United States. The CEO also highlighted that there has been a decrease in recruiting, but no layoffs are planned.
Regarding the SEC complaint, Garlinghouse is confident regarding the conclusion of the legal struggle with the SEC in the first half of 2023.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.