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Ripple CEO Brad Garlinghouse answered questions regarding U.S. Securities and Exchange Commission (SEC) lawsuit.
He stressed that the company will not give up its attempts to settle contradictions with the new leadership of the department out of court.
Q: Why didn’t Ripple settle with the SEC?
Can’t get into specifics, but know we tried — and will continue to try w/ the new administration — to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. 2/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
When asked if Ripple paid exchanges to list XRP, Garlinghouse evasively stated that 95% of tokens are traded outside the US and the company has no influence over the listing or owners.
He also pointed out that American exchanges are not delisting, but “suspend trading”, insuring their risks.
Delisting and halting are 2 separate things — most are halting trading. With 8 different govt agencies, each with their own (and sometimes opposing) views of crypto, U.S. market participants are facing conflicting policies and no surprise, some act conservatively. 4/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
“In the US, it is not just a lack of regulatory certainty now, but regulatory chaos.”
In the near future, the company will file an official response to the lawsuit. According to him, shareholders are fully confident in Ripple’s position, and Tetragon, which demanded the immediate redemption of preferred shares, took advantage of the situation in bad faith.
Garlinghouse admitted that Ripple was subsidizing customers of the XRP (On-Demand Liquidity, ODL) payment network.
“This is absolutely legal. This is how all payment systems are built. PayPal, Visa and Mastercard have motivated or still motivate their customers. We are creating something completely new, it has its costs. “
We built a product that is the FIRST of its kind — integrating new infra comes with costs. ODL w/ XRP solves real problems with cost, speed, and settlement and that’s proven to the tune of billions of dollars. 9/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
Recall SEC accused Ripple of selling $ 1.3 billion of unregistered securities for seven years. Preliminary hearings will take place on February 22, 2021.
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