Ripple Lawsuit update
Ripple is seeing “good progress” with SEC case over XRP
Ripple CEO Brad Garlinghouse said. “We’ve been litigating up in the Northern District of California for a while now and we’re making really good progress.”
The Security and Exchange Commission accuses Ripple and its executives of selling $1.3 billion worth of the cryptocurrency XRP in an unregistered securities offering.
Garlinghouse expects that the case, which focuses on XRP, the world’s seventh-largest cryptocurrency, will likely be resolved next year.
“Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.” Garlinghouse said.
Ripple’s is made to solve the pain of cross-border transfer, by making it easier and cheaper than ever. They also offer a another service that uses XRP for quick transfers called On-Demand Liquidity.
The SEC is concerned about the amount of XRP sold by Ripple & its executives. It alleges that they released $1.3 billion worth of unregistered securities via XRP sales,
which makes over half the total supply belonging to the company. Ripple disagrees with the idea that XRP is a security. That would mean that it would be subject to a lot more regulation.
The government is getting increasingly involved in the crypto market. Whilst it’s still largely unregulated, this is changing with increased regulators & investors taking an interest.