The CEO of Ripple, Brad Garlinghouse, stated that the regulators of some Asian countries have clearer the rules of the game for bitcoin and the rest of the cryptocurrencies, than the US authorities themselves.
In an interview with CNBC, Garlinghouse stated that both Singapore and South Korea are the example that there has been a “thoughtful effort by governments to define and have clear regulatory frameworks around cryptocurrencies. ”
In this sense, the executive considers ironic that in the United States there is no same legal clarity.
“The Securities and Exchange Commission of the United States has said that XRP is a security and now we are immersed in a discussion in court,” said Garlinghouse, referring to to the legal suit with the United States justice.
The company was sued in December 2020 for raising capital from investors through what the SEC considers it was an offering of unregistered securities. The SEC alleged that Ripple sold 14.6 billion units of XRP for USD 1.3 billion, as reported by CryptoNews.
In January 2021, Garlinghouse assured that in the investigation against Ripple, eight different government agencies are involved, each with their own ( and sometimes opposing) views on cryptocurrency. In his view, US market participants face contradictory policies, and some act conservatively.
However, the executive says he feels good about how the trial has progressed, but at the same time considers it “frustrating.”
Not all have been negative results in court for Ripple. On April 13, Judge Sarah Netburn rejected the request filed by the SEC to force the founders of Ripple Labs , Brad Garlinghouse and Chris Larsen to disclose their financial information of the last 8 years.
The SEC argued that the money resulting from the sale of XRP After their investment round, it would be reflected in the bank deposits of Garlinghouse, Larsen and their relatives, but this argument was rejected by Netburn, stating that a bank deposit would not show the origin of it.
Garlinghouse also spoke about how the cryptocurrency industry should pay more attention to technologies that they provide to customers, than to scrutiny.
“I think at the end of the day, the industry should focus on profit. In this way Ripple will continue to take advantage of its ledger and XRP tokens to make payments efficient, “he added.
Ripple Labs post-trial plans
A few days ago, CriptoNoticias reported that Ripple Labs board member Yoshitaka Kitao said that the company could be publicly listed on the stock exchange , after overcoming the SEC’s lawsuit.
According to Kitao, who is CEO of SBI Holdings, both Brad Garlinghouse and Chris Larse, Ripple executives are interested in taking that step.