- Ripple signed over 20 new financial institutions and gained lots of customers worldwide since the SEC filed their lawsuit.
- Contrary to expectation, Garlinghouse suggests Ripple in the U.S. might move forward with an “alternative solution” if they lose
- Brad Garlinghouse is neither worried about Ripple falling behind global stablecoins and DeFi nor concerned about their questioned transparency.
Recently, Ripple CEO Brad Garlinghouse was invited to a CNN interview with Julia Chatterley, where the hot topic of discussion was what will be his plan of action if Ripple loses its legal battle against the United States Securities and Exchange Commission (SEC)
Ripple is Flourishing Globally
The CEO is confident that Ripple will win. However, he also didn’t discard the possibility that the court might disagree. At this point, he highlighted Ripple’s flourishing growth beyond the borders of the United States, as it signed over 20 new financial institutions and continued to gain more and more customers all over the world since the SEC filed their lawsuit. Additionally, since those developments are happening outside of the U.S., it won’t be of interest to the United States.
“Alternative Solutions” for Users in the U.S.
Questioning further, the host asked if it does come to that, what will happen to Ripple’s U.S. operations or if he foresees any “alternative solutions” to serve their U.S. users. Elaborating further, Garlinghouse agreed that replacing XRP with an alternative certainly could be part of the solution.
Ripple Secures its Position, Won’t Fall Behind
The 50-year-old executive isn’t concerned about Ripple falling behind global stablecoins and DeFi, as it solves cross-border payment issues. The currency exchange and remittance network has already collaborated with and formed a strong network of allies, including central banks, worldwide. So, even as the industry seems to be at risk in the U.S., Ripple’s position worldwide is secure.
SEC’s Demands & Allegations
The lawsuit filed by the SEC accuses the blockchain company, Garlinghouse, and co-founder Chris Larsen of selling unregistered securities, apparently their native token XRP. And in light of the recent developments, the SEC alleges Garlinghouse made a personal profit of around $150 million from the sales and is now demanding the personal financial details of the Ripple Inc. executives. The United States regulator also gathers evidence to prove Ripple withheld crucial documents to delude the market and thus needs to be terminated.
Doubt Ripple’s Transparency? Time Will Tell
Garlinghouse, on the other hand, has yet to comment on such allegations. Explaining his mum on Chatterley’s show, he said he’s awaiting the facts to come out in the court. Garlinghouse believes justice takes time to be served, and for that, facts need to be bared. He further added that only the SEC’s side of the story had been revealed. But once all facts are acquired, it’ll be clear that Ripple wasn’t involved in any shady business. He and Ripple had been more transparent than anyone else in the crypto industry.
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