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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Sep 13, 2023 11:03 UTC
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Ripple CEO’s Positive Outlook on SEC Appeal: Key Insights Revealed
Ripple CEO Brad Garlinghouse is frustrated with the SEC's appeal of the court decision that ruled XRP is not a security.
Ripple is committed to pursuing its case in court and believes it has a strong chance of winning.
Ripple is shifting its hiring focus to international markets due to the ongoing legal battle with the SEC.
At the Singapore Token2049 conference, Ripple’s CEO Brad Garlinghouse shared unique perspectives on the ongoing appeal by the Securities and Exchange Commission (SEC). Despite facing regulatory challenges by Ripple Lab, Garlinghouse remains optimistic about it.
Optimism Despite the Challenges
In an ongoing Singapore Token2049 conference, Bloomberg’s interviewer Annabelle Droulers asked Garlinghouse about his stance on SEC’s recent appeal following Judge Analisa Torres’s court decision.
While addressing the SEC’s decision to appeal the court verdict, Garlinghouse expressed his frustration and emphasized the substantial resources utilized by the government to continue the legal battle.
He also emphasizes the significant financial burden placed on Ripple due to this lengthy legal dispute. In fact, the company has incurred legal fees exceeding “well over $100 million.”
On the positive side, Garlinghouse firmly believes in the improving prospects of Ripple’s favorable outcome as the case progresses through the appellate court system.
According to him, “We have strong support from both factual and legal perspectives, and we are fully committed to pursuing our stance in court.”
Furthermore, he expressed his satisfaction by stating, “We are extremely pleased with the progress of the legal proceedings thus far,” about Ripple’s position. He underscored the court’s decision as a significant validation of Ripple’s position.
Read More: XRP Lawsuit News: We’re Prepared for a Full-Blown Fight With the SEC- Says Ripple President
US’s Regulatory Scenario is on Shaky Grounds
Heading further in the interview, Annabelle Droulers proceeded to inquire about the future of cryptocurrency companies in the United States from Garlinghouse.
Garlinghouse acknowledged the challenges arising from the SEC’s lack of clear guidelines for the crypto industry, meanwhile, this has created uncertainty and hindered innovation.
Considering that the U.S. accounts for 22% of the world’s GDP, it holds a significant position in the global economy. Garlinghouse believes that a change in administration may lead to regulatory reforms, shaping a new landscape for this sector
A Focus on Hiring and Expanding
As a strategic maneuver amidst the ongoing legal battles, Ripple has decided to shift its hiring focus. According to Garlinghouse, the company aims to allocate 80% of its recruitment efforts outside the United States this year.
Ripple’s frustration with the current regulatory landscape in the U.S. has led to a strategic decision to hire in international markets, like Singapore, Hong Kong, the U.K., and Dubai have been chosen for this purpose.
Garlinghouse expressed his disappointment regarding the lack of regulatory clarity, which he believes is crucial for fostering growth within the crypto industry.
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