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The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP<\/a> \u201chas gone exceedingly well.\u201d He stressed: \u201cThis case is important, not just for Ripple, it\u2019s important for the entire crypto industry in the United States.\u201d \n The U.S. Securities and Exchange Commission sued<\/a> Ripple, Garlinghouse, and co-founder Chris Larsen in December 2020 over the sale of XRP<\/a>, which the securities watchdog said is an unregistered security offering. Ripple has disputed the SEC\u2019s findings, insisting that XRP<\/a> is not a security.<\/p>\n Garlinghouse shared:\n<\/p>\n The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.<\/p>\n<\/blockquote>\n \n Earlier this week, a judge ruled that the SEC cannot edit the contents of emails purporting to show conflicts of interest regarding how the securities regulator dealt with XRP<\/a> and other crypto tokens, including ether (ETH<\/a>).<\/p>\n Ripple is growing despite the ongoing lawsuit, Garlinghouse noted. \u201cWe\u2019re having record growth,\u201d he remarked Thursday. In January, he said<\/a> that Ripple\u2019s valuation has risen to $15 billion, emphasizing that his company\u2019s financial position is the strongest ever despite the lawsuit over XRP<\/a>.<\/p>\n Garlinghouse further explained at the fireside chat that if Ripple loses the lawsuit against the SEC, then most tokens trading on cryptocurrency exchanges would be similarly deemed securities and will have to register with the regulator. \u201cThat\u2019s cost, that\u2019s friction,\u201d the executive exclaimed, stressing:\n<\/p>\n If you determine XRP<\/a> as a security of Ripple, we have to know every person that owns XRP<\/a> \u2026 That\u2019s an SEC requirement. You have to know all of your shareholders. It\u2019s not possible.<\/p>\n<\/blockquote>\n \n Do you think Ripple will win the lawsuit against the SEC and XRP<\/a> will not be considered a security in the U.S.? Let us know in the comments section below.<\/strong><\/em><\/p>\n
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<\/strong>\n<\/p>\nRipple\u2019s CEO Comments on SEC Lawsuit Over XRP<\/a><\/h2>\n
\nRipple CEO Brad Garlinghouse discussed the SEC lawsuit over the sale of XRP<\/a> during a fireside chat at the Paris Blockchain Week Summit Thursday.<\/p>\n\n
\nHowever, he noted that \u201cthe wheels of justice move slowly.\u201d In November last year, Garlinghouse said<\/a> he expects the lawsuit to conclude this year. \u201cWe\u2019re seeing pretty good progress despite a slow-moving judicial process,\u201d he said at the time.<\/p>\n\n
\n\u201cThis case is important, not just for Ripple, it\u2019s important for the entire crypto industry in the United States,\u201d the executive opined, noting that there is a lot at stake if the SEC successfully classifies XRP<\/a> as a security. \u201cIt would really be negative for crypto in the United States.\u201d<\/p>\n