Ripple Could Settle The SEC Lawsuit, If SEC Clarifies XRP’s Regulatory Status

According to Brad Garlinghouse, the CEO of Ripple, the company is open to settle its lawsuit with the U.S. Securities and Exchange Commission (SEC), but there is a catch.

Garlinghouse told Fox Business in a recent interview that Ripple could consider setting the lawsuit with the SEC if the regulator clearly defines the regulatory status of XRP.

“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario though that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis.

And it’s very clear that how Ripple is using these technologies, how many scores of other people in the community are using these technologies. They’re not securities. They do not represent an ownership in Ripple the company.”

The Chief executive also pointed out that the crypto industry is already significantly regulated regardless of statements by SEC Chair Gary Gensler that crypro is a “Wild West.”

“I think we lose sight of the fact that crypto is regulated. It’s regulated by the CFTC (Commodity Futures Trading Commission). It’s regulated by other government entities, whether its FinCEN (Financial Crimes Enforcement Network) and the U.S. Treasury. So when I’ve heard the SEC people come forward and say, ‘Hey this is the Wild Wild West. It’s not regulated.’

Well that’s not entirely true… Previously, they (SEC) said Bitcoin’s not a security. ETH’s (Ethereum) not a security.”