SEC took 8 years to take decision on XRP, says Ripple CEO

Ripple’s boss once again raised his frustration against the US regulators and indirectly hinted that US regulators are confused themselves.

On 19 February, Brad Garlinghouse, CEO of San Francisco-based Fintech firm Ripple, stated that the US Securities and Exchange Commission (SEC) took around 8 years to figure out the decisions on the analysis on Ripple. 

“The truth is out for everyone to read. What we see is that the SEC waited 8 years to decide they disagreed with this analysis, decimating thousands and thousands of XRP holders (who they purport to protect) in the process. So much for being mission-driven.”

This statement of Ripple boss is also giving a hint that results in favor of the SEC agency will surely ruin the future of XRP tokens holders. 

Brad quoted the statement of Ripple General Counsel Stuart Alderoty, who unsealed the memo of the 10-year-old SEC vs Ripple case.

Stuart took the reference of those old memos and claimed that Ripple’s XRP is not a security. And further he added: 

“The fact that Ripple had the foresight to seek legal advice from a prominent firm in 2012 – in the absence of clear case law and 5 years before the SEC even started talking about digital assets – should be applauded.”

Ripple vs SEC lawsuit 

In December of 2020, the US SEC agency filed a lawsuit against Ripple to prove that the native token of Ripple is security and the company sold huge amounts of unregistered securities publicly, to make more than $1 billion. 

Recently Chris Giancarlo, former CFTC chairman, appeared on Fox business news and responded to the question of Ripple’s XRP, whether it is a security or not. 

Chris stated that as per his point of view based on CFTC standards, Ripple’s XRP is not a security. Further, he added: 

“We need Congress to step in, and in a bipartisan – and it must be bipartisan so it stands the test of time – in a bipartisan manner, establish a regime to regulate this new development.”

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