Ripple co-founder and CEO Brad Garlinghouse has revealed the only ground which could possibly make Ripple and the US Security and Exchange Commission (SEC) settle their legal fight.
This is as the Ripple and SEC lawsuit continues to be heard in court and nears an end, with settlement speculations still quite high.
Brad Garlinghouse, who spoke on the Fox network talked about the need for clarity on Security laws from the SEC noting that only if SEC agrees that XRP is not a security and it is quite similar to Ether, then they would go for the settlement. It has been his opinion from the onset of the legal fight with the regulators.
However, the Ripple CEO noted that the payment firm is open to settling with the SEC but states that clarity on what XRP is has to be laid bare going forward. He states that Ripple has a clear vision of how XRP can be an extremely powerful tool.
“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario, though, when we going to settle unless there is absolute certainty about what is XRP on a go-forward basis. We have a clear vision of how XRP can be an extremely powerful tool… There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP,” he said.
Brad Garlinghouse, XRP community confident of Ripple win against SEC
The legal battle between both parties is currently at a critical stage, with Ripple set to defend itself with former SEC director William Hinman’s speech from 2018. The XRP developers are stating that SEC gave ETH the second-largest cryptocurrency, a free pass which is quite similar to XRP.
SEC, however, states that Hinman gave that speech in his personal capacity, and it cannot be used as a defence against the regulators.
Ripple has filed a motion to examine three additional documents in private based on a privilege log provided by the SEC after the August 31, 2021 telephone conference, including an email chain.
XRP community is quite certain that Ripple would win the case given evidence in their custody.