Ripple CEO, Brad Garlinghouse released a statement in response to some of the uncertainties regarding the recent lawsuit filed by the SEC. He said that 95% of XRP trading is happening outside the US and the company cannot decide where to list the cryptocurrency.
According to a Twitter thread by Garlinghouse, Ripple tried to settle the issues with the SEC in the past but failed to reach a successful agreement. He also mentioned that the company will continue its efforts to settle the matter with the new administration to support the XRP community.
Galinghouse addressed 5 key questions about the recent lawsuit in the thread, he said that there is regulatory chaos in the US and several cryptocurrency companies are uncertain about the future. He showed optimism regarding the new administration and added that Ripple will engage with the new leadership.
“Can’t get into specifics, but know we tried to settle the matter with the SEC and will continue to try with the new administration to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. XRP is one of the most liquid (top 3-5) digital assets globally, and 95% is traded outside the US. Ripple has no control over where XRP is listed, who owns it, etc. It’s open-source and decentralized,” Garlinghouse mentioned.
XRP Delisting and Regulatory Issues
Additionally, Ripple CEO expressed his views about the recent delisting and halting announcements of XRP by leading cryptocurrency exchanges. Finance Magnates earlier reported about XRP delisting announcements by some of the leading crypto exchanges due to uncertainties regarding XRP’s regulatory status. Garlinghouse outlined that most of the exchanges are halting XRP trading, not delisting.
"Delisting and halting are 2 separate things, most are halting trading. With 8 different govt agencies, each with their own (and sometimes opposing) views of crypto, US market participants are facing conflicting policies and no surprise, some act conservatively. We’ve moved from a lack of regulatory clarity to regulatory chaos in the US. This is why Regulation by enforcement is such a bad public policy. With the new administration, we expect DCEA to be reintroduced – common-sense legislation providing clarity to the entire crypto industry,” Ripple CEO added.
