Ripple CEO Brad Garlinghouse gave positive signals that they would win the lawsuit against the Securities and Exchange Commission (SEC)
The defense turned out to be better than he expected , he said.
The SEC’s Case
In the case filed 15 month ago Ripple’s CEO and chairman of the company’s board of directors has engaged in illegal activities worth $1,3 billion dollar.
According to the SEC, XRP coins were sold without having been registered with the regulator. Garlinghouse said that , XRP operates as an unrecognized virtual currency that is not registered as a security. XRP should be treated as a virtual currency rather than an investment contract , they argued.
They think it would set a bad precedent for crypto if the case was lost.
“This case is important , not just for Ripple: it’s important for the entire crypto industry in the United States. It would be negative for crypto in the United States.”