Brad Garlinghouse discusses about SEC versus Ripple case
Brad Garlinghouse, the Chief Executive Officer of Ripple, recently interacted with the media. Brad has played down the possibility of XRP-ETF; however, he has endorsed the possibility of ETH-ETF. This comes in the wake of the US SEC approving applications for Spot Bitcoin ETF. That has triggered an emotion among crypto enthusiasts that ETH ETF could be next in line.
They have also shed light on their legal battle with the Securities & Exchange Commission. Specifically, Brad has confidently said that there could soon be a chair of the SEC.
Brad was outspoken in his interaction, stating that Gary Gensler is not acting in the best interest of US citizens and adding that Gary is not considering the economy’s long-term growth. He has even said that a new Chair appointed to the Commission would benefit American citizens.
The Ripple vs. SEC case is scheduled for a judgment in court. Ahead of the session, Brad has said that no institutional investor has lost money after acquiring XRP. The statement is significant since the legal discussion is expected to center around the sale of its native token to institutional investors. It has been advised that investors must consider the ongoing Ripple vs. SEC case before investing their funds. Also, the SEC is likely to appeal the ruling on Programmatic Sales of the token.
More interactions during the World Economic Forum in Davos highlighted the concerns of Garlinghouse about the US falling behind. This pertains to having lower regulatory frameworks for crypto in comparison to the EU. He is confident about other cryptos launching their ETFs following the approval of the Bitcoin ETF applications.
Statements have come at a time when XRP ended its Tuesday session at $0.5760 with a gain of 0.10%. That was the reverse of the loss of 0.12%. The token is currently exchanging hands at $0.5704, with a slip of 0.66%. The XRP forecast estimates that Ripple’s token can end 2024 at $2.65. Alternatively, there is a possibility that the token may find some comfort at $2.48. Another judgment that has attracted attention is SEC vs Coinbase.
Both parties are presenting oral arguments over the Coinbase MTD request to dismiss. Coinbase filed it in August, arguing that the SEC lacks statutory jurisdiction to regulate cryptocurrency exchange platforms in the United States. While the matter is being presented on this day, it is extremely unlikely that the Judge will rule on the motion on the same day.
Ripple, according to Brad Garlinghouse, will surely re-evaluate the possibility of its IPO; however, it is not their top priority. XRP continues to be listed on the board, with a jump of 0.76% in the last 7 days and a drop of 7.46% in the last 30 days.
