In a recent captivating interview on Bloomberg TV, Ripple CEO Brad Garlinghouse delved into the ongoing legal skirmish with the U.S. Securities and Exchange Commission (SEC), shedding light on Ripple’s proactive stance regarding the potential launch of XRP exchange-traded funds (ETFs).
Let’s explore the key highlights from this insightful conversation.
Addressing Ripple’s legal dispute with the US Securities and Exchange Commission, Garlinghouse highlighted the SEC’s “regulation through enforcement” shift and reiterated Ripple’s consistent call for clearer rules in the crypto space. He expressed satisfaction with the recent court decision that determined XRP is not considered a security.
“The SEC has lost consistently. They lost the Ripple case on everything they cared about. It stops when the SEC either realizes they’re losing consistently, or you have Congress lean in and write new legislation.”
While acknowledging the SEC’s potential appeal, Garlinghouse remains optimistic, noting that the resolution depends on the SEC recognizing consistent losses or Congress intervening with new legislation.
As we all know, ever since Bitcoin ETFs were not even approved, Ripple’s XRP community has eagerly anticipated the potential launch of XRP exchange-traded funds. In a previous interview, Garinghouse refused to comment on their launch citing that XRP ETFs were not the company’s primary concern at that moment.
Read More: XRP ETF Could Fuel Institutional Interest & Utility; Price Boom Incoming?
In a change of perspective, Garlinghouse expressed Ripple’s openness to different ETFs for various tokens, foreseeing a landscape with diverse options and risk mitigation through baskets.
“We would certainly welcome it. It only makes sense there will be other ETFs too… the earliest days of the stock market. You want to typically think about diversifying risk.”
Garlinghouse emphasized Ripple’s commitment to compliance and regulatory engagement. He discussed Ripple’s acquisitions, specifically Standard Custody, highlighting the importance of custody solutions for institutional success in the crypto industry.
“Everything we have done at Ripple has compliant first… this year, I think has to be a compliance-first mindset for all of the crypto industry,”
Also Read: What to Expect Next in the Ripple vs SEC Lawsuit? Expert Details 10-Year Timeline
Addressing the broader regulatory landscape, Garlinghouse stressed the need for the U.S. to lead in crypto regulation. He mentioned Ripple’s participation in a super PAC, along with Andreessen Horowitz and Coinbase, supporting pro-crypto candidates advocating for constructive regulation and innovation.
Garlinghouse challenged Senator Elizabeth Warren’s stance on AML and KYC laws, asserting that these rules are not confusing. He clarified the industry’s commitment to compliance, debunking the notion that crypto circumvents these regulations.
In this straightforward interview, Garlinghouse provides valuable insights into Ripple’s legal journey, its evolving views on XRP ETFs, and its broader commitment to shaping a compliant and innovative crypto landscape.
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