Ripple Is Not Sitting Idle; Has High Hopes from Biden Administration Says CEO
“We’re on the right side of the facts and of history, and look forward to our day in court,” says Brad Garlinghouse.
Ripple will continue to try to settle with the new administration, said the company CEO Brad Garlinghouse, who, along with Chris Larsen and the fintech company, has been sued for allegedly selling unregistered security.
The CEO shares that they did try to settle with the SEC with no luck but will continue to resolve this so that the orderly markets are preserved and consumers protected.
Brad Garlinghouse Ripple CEO
“We built a product that is the FIRST of its kind – integrating new infra comes with costs. ODL w/ XRP solves real problems with cost, speed, and settlement, and that’s proven to the tune of billions of dollars.”
The Removal of Markets
Commenting on the biggest happening in the market right now, the temporary suspension and delisting of XRP for US customers from the likes of Coinbase, Binance.US, Bittrex, Grayscale, Bitwise, Jump Trading, and many more, Garlinghouse reiterated that 95% of XRP trading happens outside the US.
The digital asset lost more than 75% of its value last month because of this but has since seen some uptrend and is currently above $0.31.
As we reported, South Koreans are also heavily trading XRP XRP -16.85% XRP / USD XRPUSD $ 1.41
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“XRP is one of the most liquid (top 3-5) digital assets globally,” he said. He further said that Ripple has no control over the listing of XRP as the project is “open-source and decentralized.”
“Delisting and halting are 2 separate things – most are halting trading,” added Garlinghouse.
Even Ripple partner Tetragon recently sued the firm seeking to redeem Series C stocks and asked for a temporary restraining order and a preliminary injunction.
“We’re disappointed that Tetragon (who owns 1.5% of Ripple) is seeking to unfairly advantage itself through the SEC’s allegations,” said Garlinghouse late on Thursday.
As for paying customers to use XRP, such as MoneyGram, Garlinghouse confirmed that they have been providing “some customers, especially first movers, w/ incentives to use ODL.”
But he argued that this is building a payment network 101 that every payment network from Paypal, Mastercard to Visa has or still uses.
We’re Fighting & on the right side of the facts
The US, according to him, is moving from a lack of regulatory clarity to regulatory chaos. But as he has been saying for some time now, Ripple has high hopes from the new administration under the President-elect Joe Biden.
“With the new administration, we expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry,” he said.
As for the legal process itself, it will be slow and lengthy, but with plenty “happening behind the scenes.”
“We may be quiet, but we are not idle. Our full legal team will announce themselves shortly, and we’ll be filing our initial response to the SEC’s unproven allegations within weeks,” said Stuart Alderoty, General Counsel at Ripple.
“We’re on the right side of the facts and of history, and look forward to our day in court,” concluded Garlinghouse.