Ripple’s fallout with the Securities and Exchange Commission [SEC] of the US has been a major highlight of the year. The SEC blatantly suggested that Ripple had engaged in the sale of unregistered securities i.e., XRP. Despite multiple efforts of the crypto platform, the SEC was adamant about its decision of slapping the platform with a lawsuit. While both the parties had previously made it clear that there were no chances of a settlement, the platform’s CEO Brad Garlinghouse went on to suggest that there could be a possibility of settlement. However, this could be possible only on a condition.
Despite garnering support from regulators across the globe, Ripple failed to convince the SEC that XRP wasn’t a security. Financial watchdogs from all around the world had released statements that XRP did not belong to the securities category, but SEC prolonged the lawsuit.
Over the last couple of months, during the course of the case, an array of things came to light. SEC went on to garner immense hate from people across the globe for being hostile towards XRP. While several exchanges had dropped support for the coin, “RelistXRP” surfaced on the internet.
As this case persists, Brad Garlinghouse, in a recent interview with Fox Business revealed that the platform was ready to settle. However, “absolute certainty” about XRP was needed.
Ripple vs. SEC
In his latest interview, Garlinghouse noted that he needed nothing more than certainty surrounding XRP. He stated,
“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on the go-forward basis.”
He believed that Ripple has a definite sight of how XRP could be employed as a “powerful tool.”
Garlinghouse has time and again expressed his angst over the lack of regulatory clarity in the US. The CEO even suggested that the US had traversed from “lack of regulatory clarity to regulatory chaos.”
Additionally, speaking about regulations, Garlinghouse suggested that the crypto industry was regulated. But, the SEC possibly wants more power over the market, he added.