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Ripple CEO Talks About the XRP Lawsuit and Other Hot Topics

Crypto exchange Bithumb looks like it's set on turning over a new leaf through an acquisition by one of South Korea's top gaming firms.

According to Cryptopotato, 2021 has started off well for most of the crypto ecosystem, except for Ripple. The company is on the verge of one of the riskiest lawsuits in the history of the industry. Ripple has tried to tackle this situation in many possible ways, but his efforts have not been successful. 

In a Twitter thread, Brad Garlinghouse stated that the company has tried to resolve the problem out of court. However, their efforts have been in vain, Ripple will continue to try with Joe Biden’s administration.

Q: Why didn’t Ripple settle with the SEC?

Can’t get into specifics, but know we tried – and will continue to try w/ the new administration – to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. 2/10

— Brad Garlinghouse (@bgarlinghouse) January 7, 2021 

The SEC complaint was filed weeks before the end of Donald Trump’s term and was Jay Clayton’s last major move before leaving office.

Ripple appears to be pinning its hopes on some endorsement from a new, more crypto-friendly administration. It urged future legislators to have a little more common sense when addressing issues affecting the crypto industry.

We’ve moved from lack of regulatory clarity to regulatory chaos in the U.S. This is why regulation by enforcement is such bad public policy. With the new administration, we expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry. 5/10

— Brad Garlinghouse (@bgarlinghouse) January 7, 2021

Ripple’s CEO also touched on other hot topics like allegations that Ripple paid exchanges to list XRP. “Ripple has no control over where XRP is listed, who owns it, etc. It’s open-source and decentralized,” Garlinghouse said, without explicitly denying the rumors.

Garlinghouse stated that in many cases, exchanges are taking preventative rather than definitive measures. He explained that there is a difference between delisting and halting, so the decision of some exchanges “comes as no surprise.”

Garlinghouse also noted the controversy with Tetragon, a major Ripple investor. He criticized its decision to sue Ripple, making things even more difficult for the company:

Q: Do investors have faith in Ripple?

Yes, we have real shareholders. That is how you own Ripple equity – buying our stock, not buying XRP. We’re disappointed that Tetragon (who owns 1.5% of Ripple) is seeking to unfairly advantage itself through the SEC’s allegations. 7/10

— Brad Garlinghouse (@bgarlinghouse) January 7, 2021

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