Brad Garlinghouse, CEO of Ripple, says the fintech company could continue operating without XRP if necessary as the company’s legal battle with the SEC continues.
In a recent interview with CNN, Garlinghouse says Ripple may march further without its XRP-based settlement platform if the case goes south with the SEC over the company’s alleged illegal sale of the crypto-asset.
“We could do that. We have always thought about our product: “How do we primarily solve a customer’s problem?” And I think that served our growth. This is one reason we’ve seen so much activity now, billions and billions of dollars in transactions on Ripplenet, our payment network. “
The CEO adds that the digital payments giant continues to do business, especially outside of the US, even as it faces the SEC.
“The good news for Ripple is that we have continued to sign customers. We have signed over 20 new financial institutions as clients around the world since the SEC filed its lawsuit, and I think we’ll see the network grow very quickly with non-US clients. “
Garlinghouse says the lawsuit is “ironic” as the SEC claims Ripple illegally sold XRP as an unregistered security, while also stating that the courts will ultimately determine the status of the crypto asset.
“I find a bit of irony that the SEC would bring a lawsuit against us because what they’re saying isn’t just that we should have known, and we acted in bad faith when the SEC didn’t actually say well, you know for sure that XRP is a security.
In their own court records, they said that the court will determine this, which of course creates a contradiction that if the court did find this, how could I personally have known that the SEC would consider XRP as collateral. “
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Featured image: Shutterstock / Mia Stendal