Brad Garlinghouse, the company's chief executive, says Ripple's legal fight with the Securities and Exchange Commission (SEC) could be settled under one condition.
Mr. Garlinghouse stated during an interview with Fox Business that Ripple would agree to resolve the SEC's concerns if the regulator clarified the Crypto asset regulatory status.
It's important to us to reach an agreement with the SEC as much as possible. But there's no way we're settling until we're sure what XRP will be in the future.”
It's also clear how many other people in the community are utilizing these technologies to great effect, which is evident from how Ripple is using them. But they aren't securities. In relation to the company, they do not represent ownership." He added.
Gary Gensler recently claimed that the crypto industry is a "Wild West," but Garlinghouse says there are already regulations in place.
"Cryptocurrencies are regulated, and we lose sight of that. A CFTC regulation governs it. It is regulated by other government organizations, such as the U.S. Treasury and FinCEN (Financial Crimes Enforcement Network). Thus, I was surprised when the SEC said, 'Hey, this is the Wild Wild West. It's unregulated.'"
Garlinghouse concluded that this wasn’t entirely correct. Previously, the SEC said neither Bitcoin nor Ethereum was a security.
Ripple Labs uses XRP as its native cryptocurrency to develop its products. The company offers payment settlement, asset exchange, and remittance products that are more like SWIFT, a network of banks and financial institutions used for international money transfers.
When compared to Bitcoin, XRP uses a simpler and faster mining method. XRP is often used interchangeably with Ripple in news reports. They are actually two different things.
The Blockchain network and company behind XRP is called Ripple. Founded as a peer-to-peer trust network, the company leverages the power of social media.
Ripple, a global payments network, serves financial institutions and banks around the world. A key feature of its products is that XRP facilitates quick currency conversion.