Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court
November 08 2023 - 11:00PM
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In a recent speech at the DC Fintech Week conference, Ripple CEO
Brad Garlinghouse addressed the company’s regulatory hurdles. He
expressed his views on the cryptocurrency landscape in the United
States. Ripple CEO Warns Of US Risking Market Share Loss
According to a Fortune Magazine report, Garlinghouse acknowledged
during his speech that despite Ripple’s success in court against
the SEC, some US banks must be more cautious about engaging
meaningfully with cryptocurrencies. Garlinghouse attributed
this reluctance to the perception that the US government and the
Office of the Comptroller of the Currency (OCC) are “hostile to the
crypto industry.” While Ripple’s court victory in July was
seen as a positive development, Garlinghouse believes that the
SEC’s overall approach, coupled with Chairman Gary Gensler’s
characterization of crypto as the “Wild West,” is hindering the
industry’s growth in the US. Related Reading: Bitcoin Parabolic
Rally Above $600,000: Crypto Analyst Says It’s Closer Than You
Think Garlinghouse emphasized that while the US has hostility
towards crypto, other countries actively welcome crypto companies
and investments by providing clear regulatory policies. As a
result, the US risks losing its market share and failing to
capitalize on its early advantage in the crypto space. Garlinghouse
expressed his belief that the US can still become a leader in the
industry but highlighted the urgency for clear and constructive
regulatory frameworks to be established. CEO Vows To Escalate Legal
Battle With SEC To Supreme Court Given the challenges faced in the
US, Garlinghouse announced that Ripple would continue to expand its
operations in other countries. He revealed that 80% of Ripple’s
hiring in the current year will be conducted outside of the US,
reflecting the company’s need to operate in more favorable
regulatory environments. Garlinghouse emphasized the
importance of creating a hospitable environment for innovation and
growth, suggesting that the current hostility in the US hinders
Ripple’s ability to operate effectively within the country. During
the conference, Garlinghouse expressed his willingness to escalate
Ripple’s legal battle with the SEC to the Supreme Court.
Garlinghouse stated that Ripple is prepared to pursue legal avenues
until a resolution is reached. This firm stance underscores
Ripple’s commitment to addressing regulatory uncertainties
surrounding XRP. Related Reading: Can Chainlink Reach $20 With
Rollup Finance Partnership? Brad Garlinghouse’s remarks at the DC
Fintech Week conference shed light on the ongoing regulatory
challenges faced by Ripple and the wider cryptocurrency industry in
the United States. Despite recent court victories, Ripple
encounters obstacles due to perceived hostility and a lack of clear
policy guidance. Garlinghouse’s readiness to escalate the legal
battle to the Supreme Court demonstrates Ripple’s determination to
seek a resolution and establish a constructive regulatory
framework. As Ripple expands its operations globally, the hope
remains that the US will adopt more welcoming and supportive
regulations to foster innovation and maintain its competitive edge
in the evolving cryptocurrency landscape. As of the current market
update, XRP is trading at $0.6902, indicating sideways price
movement over the past 24 hours. However, in the fourteen-day
timeframe, the token has experienced a notable gain of 13%.
Featured image from Shutterstock, chart from TradingView.com
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