In the last 24 hours, the price of XRP (CRYPTO: XRP) the token was up over 8.5% as of 1:18 PM EST today. Executives from Ripple, the company closely associated with XRP and the XRP ledger, recently said that a closely watched lawsuit they are involved in with the Securities and Exchange Commission (SEC) is going well.
The SEC previously sued Ripple, its CEO Brad Garlinghouse and its executive chairman Chris Larsen, alleging that the parties conducted an illegal securities offering when issuing XRP.
“The trial has gone extremely well, and much better than I could have hoped for when it started about 15 months ago,” Garlinghouse said. CNBC yesterday. “But the wheels of justice are moving slowly.”
Garlinghouse’s comments come after a judge ruled earlier this week that the SEC cannot edit emails that should be released in connection with the case that could help Ripple’s case.
The outcome of the case between Ripple and the SEC could have broader results for Ripple as a company and for the crypto industry as a whole.
According to Garlinghouse, if the SEC wins the case, most cryptocurrencies on U.S. exchanges would be considered securities, meaning exchanges would have to become SEC-registered brokers.
“If you determine XRP as a Ripple security, we need to know every person who owns XRP,” Garlinghouse added. “It’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”
Garlinghouse also hinted that the case had a negative impact on Ripple, which positions itself as a substitute for the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which plays a key role in helping banks transfer money. money around the world. He said the company did not sell any corporate contracts to U.S. financial institutions in 2021.
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