Ripple CEO Brad Garlinghouse has addressed some of the allegations made by the U.S. Securities and Exchange Commission (SEC) against his company. He focused on answering five questions on what he calls â€œunproven allegationsâ€ by the regulator.
Garlinghouse Says There Is â€˜Regulatory Chaosâ€™ in the US
In a Twitter thread on his official profile, Garlinghouse claimed that the blockchain company â€œtriedâ€ to settle with the U.S. SEC. He added that the firm will try again with the new administration but refused to go into specifics.
In response to crypto exchanges listing XRP, Garlinghouse said that the company â€œhas no controlâ€ over where the token is listed. â€œItâ€™s open-source and decentralized,â€ claimed the Ripple executive.
However, the CEO discussed in-depth the matter of when XRP will be relisted on exchanges that have delisted the token. Referencing the Digital Commodity Exchange Act (DCEA), he described:
Rippleâ€™s Initial Response Will Be Filed Within the Next Few Weeks
On Jan. 7, 2020, Stuart Alderoty, general counsel at Ripple Inc., pointed out that legal processes take time. Garlinghouse commented:
The Ripple CEO also recognized that the company â€œprovided some customers, especially first movers,â€ with incentives to use its On-Demand Liquidity (ODL) services. He further claimed that companies such as Paypal, Visa, and Mastercard â€œstillâ€ use incentives.
At the end of 2020, Ripple hit back at the SEC, accusing the agency of creating more uncertainty due to the â€œdangerous lack of regulatory clarity for crypto in the U.S.â€ The company blasted the lawsuit, saying that it affected â€œcountless innocent XRP retail holders with no connection to Ripple.â€ According to markets.Bitcoin.com, XRP is exchanging hands at $0.3222, with a market capitalization of $14.65 billion as of press time.
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