In a recent interview, Ripple Labs’ CEO, Brad Garlinghouse, talked about the company’s lawsuit with the U.S. Securities and Exchange Commission (SEC). He mentioned that Ripple is willing to take the case all the way to the Supreme Court if necessary to reach a final resolution.
Garlinghouse explained that as legal cases go through the courts, they tend to become more conservative in their decisions. He also expressed confidence in Ripple’s case, stating that they believe the facts and the law are on their side.
Garlinghouse also criticized the SEC for losing several recent cases against cryptocurrency-related entities, suggesting that the regulator may be overstepping its bounds. He argued that the SEC sometimes uses confusion as a tool to assert authority in its pursuit of legal actions.
In July, a judge ruled that XRP, Ripple’s cryptocurrency, is not considered a security except when sold to institutional investors. However, the SEC disagrees and plans to appeal the decision.
Ripple Labs has already spent over $100 million on its legal defense, but Garlinghouse emphasized that the company remains resilient despite the challenges posed by the prolonged market slowdown. He noted that Ripple has a history of thriving during difficult times in the crypto industry, often referred to as “crypto winters.”
Since the beginning of 2022, the cryptocurrency market has experienced significant declines in value, leading to widespread uncertainty and concerns. Regulatory actions against major cryptocurrency entities have further contributed to this uncertain climate.
Although XRP initially saw gains following the July ruling, its price has since decreased along with the broader cryptocurrency market. However, some experts, like crypto lawyer Bill Morgan, argue that the fear and uncertainty surrounding XRP are unfounded, as there have been no significant changes to its regulatory status. In fact, XRP has expanded its market presence through new listings and trading pairs.
According to data from CoinMarketCap, XRP’s price has remained stable over the past 24 hours, currently trading at $0.4763. However, its trading volume has decreased by 16% during the same period.
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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.
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