XRP was finally back on track after facing the damaging repercussions of the SEC lawsuit. Brad Garlinghouse and several members of Ripple were trying to make amends, however, the crypto-asset kept slumping beyond measure.
So much so that XRP was even ousted from several exchanges and had briefly lost its position as the fourth largest coin. Ripple’s Brad Garlinghouse finally broke his silence and answered several questions related to the lawsuit.
Brad Garlinghouse Says ‘Legal Processes Can Be Slow’
The $1.3 billion lawsuit against Ripple had an array of allegations that summed up to XRP being labeled as a security. While Ripple has time and again asserted that XRP is a currency and not a security, the SEC went on to press charges for selling unregistered securities.
Brad Garlinghouse, the CEO of Ripple took to Twitter to answer some of the queries of the crypto community. His tweet read,
Q: Why didn’t Ripple settle with the SEC?
Can’t get into specifics, but know we tried – and will continue to try w/ the new administration – to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. 2/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
Coinbase, Bittrex, Grayscale, and several other exchanges put a hold on XRP trading until they got a clearer picture of the lawsuit. Brad Garlinghouse clarified that it was the lack of regulatory clarity in the country that had caused the halt of trading.
He pointed out that these cryptocurrency exchanges were caught up in conflicting policies which at times force platforms to act conservatively. The exec also went on to affirm that Ripple had no control over where XRP was listed, hence the platform did not pay exchanges to list XRP.
Furthermore, shedding light on the “regulatory chaos” that has struck the US, Garlinghouse said,
“We’ve moved from lack of regulatory clarity to regulatory chaos in the U.S.”
He further added,
This is why regulation by enforcement is such bad public policy. With the new administration, we expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry.”
He further pointed out that legal processes could take time to unfold and Ripple would reportedly be filling its initial response in the next few weeks.
Garlinghouse concluded his tweet by suggesting that Ripple was on the right side of the facts and would not give up its fight.