During a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse said that he expected his company’s legal battle with the SEC to end “very soon.”
However, Garlinghouse refused to speak about Ripple’s rumored settlement talks with the agency. He also stated that he could not predict when exactly the lawsuit would be over.
Earlier this week, the Ripple-affiliated XRP token experienced a substantial price rally due to settlement rumors. However, it then retraced its gains after a private meeting between Ripple and the agency allegedly got called off.
A little over a year ago, Judge Analisa Torres ruled that the secondary sales of the controversial token did not constitute a securities offering.
According to Galinghouse, Ripple spent more than $150 million during its three-year legal battle with the SEC. “We can’t do that with every single token,” he added.
The Ripple CEO has stressed that it was a formative case for the cryptocurrency industry, adding that his company will continue clamoring for regulatory clarity.
During the interview, Garlinghouse reiterated his view that crypto is not supposed to be a partisan issue in the U.S. At the same time, he has acknowledged that there is “legislative momentum” on both sides of the political spectrum.
He said that the lack of a clear cryptocurrency regulatory framework is “frustrating” in the U.S. Instead, the industry has to deal with interminable legal actions from the SEC.
According to Garlinghouse, SEC Chair Gary Gensler has been “at war” with crypto, adding that the agency keeps hiring more lawyers to bring more lawsuits. He is convinced that regulation through enforcement is not the best way to approach this problem.
The Ripple CEO claims that most crypto industry players are good actors who want to follow the rules.
