Ripple’s Brad Garlinghouse announces war with SEC is over, expects settlement with SEC imminent

Ripple CEO Brad Garlinghouse suggests the prolonged legal battle with the SEC is nearing its conclusion. A decisive private meeting on 25th July is expected to resolve the dispute over XRP's status.

Ripple vs SEC: A Long Battle

For years, Ripple and the SEC have clashed over whether XRP is a security. Garlinghouse maintains that XRP is not, and a recent court ruling supports this view.

He comments, "This should have never become a partisan issue. We want regulation, we want clarity."

Criticism of Biden's Approach

Garlinghouse has criticised the Biden administration's handling of crypto. "Five years ago, I said there was no clarity in the rules. Now, five years later, after being sued by the SEC, there's still no clarity."

He accuses SEC Chairman Gary Gensler of exacerbating the situation. "Gensler thinks everything is a digital security. Judges have ruled against him repeatedly, but he keeps fighting."

Recent Crypto Roundtable

Garlinghouse highlights a recent crypto roundtable in Washington, D.C., attended by both Democrats and Republicans. "It was good to see them listening to the industry." He notes that while Democrats have been slower to embrace crypto, the conversation marked a positive step.

Garlinghouse points out that many countries have established crypto regulatory frameworks. "It's frustrating that the U.S. can't do the same." He mentions that Ripple has spent over $150 million and three years in court. "Other countries are moving forward while we're stuck in litigation."

He mentions legislative efforts like the Fit 21 Act, which has passed the House and is under Senate consideration. "There's momentum on both sides of the aisle." He also acknowledges JD Vance’s support for crypto, noting Vance's proposed legislation that the Senate might consider.

Garlinghouse underscores the need for clear regulations, drawing a parallel to the internet's growth in the '90s due to clear rules. "Most people in the crypto industry want to follow the rules. Hiring more lawyers to bring more lawsuits isn't the way to do it."

Expected Resolution

When asked about ongoing settlement talks with the SEC, Garlinghouse states, "I can't comment on that specifically, but we expect a resolution very soon."