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Ripple CEO Brad Garlinghouse has made an appearance on Fox Business to talk about the end of the legal fight against the SEC as the new Securities and Exchange Commission chairman has been finally and officially appointed.
He spoke about important things, mostly it was the recent positive change in the U.S. government’s crypto stance, and he also named a key area in crypto and its regulation that is still to be clarified.
Gamza KhanzadaevRipple enters next phase of crypto market
In a recently published tweet, Ripple boss Garlinghouse thanked the Fox Business host Liz Claman, who interviewed him this week and they discussed the end of the SEC case, alongside the future of the crypto industry regulation in the U.S.
They also discussed Ripple’s recent acquisition of Hidden Road, which was bought for nearly $2 billion and constituted one of the largest acquisitions in the crypto space’s history. He stated that a year ago such a purchase would not have made sense under the hostile crypto attitude from regulators, like the SEC and the IRS. But the situation has changed now.
Garlinghouse stated that Ripple is “moving past the SEC’s war on crypto and entering the next phase of the market,” which would be “true institutional flows integrating with decentralized finance.”
Yuri MolchanHere's what's happening to $125 million SEC fine
In the course of the interview, Garlinghouse stressed that the SEC case is finally over as the new administration has come to the regulatory agency. He strongly believes that Gary Gensler’s SEC was “on the wrong side of the law” with his hostile view of the crypto space and the actions they took against it.
As for the $125 million fine that Ripple was meant to pay to Gensler’s SEC as a fine instead of billions of dollars required by the SEC, the Ripple CEO said that the company had put that sum in escrow for the future payment. But now, as the situation has radically changed for the better, they are taking most of those funds back out, along with the earned interest.
Garlinghouse said that the SEC would still get $50 million from that sum and the U.S. government would get another $50 million and Ripple is currently negotiating for those payments to be made in XRP rather than in dollars.
Vladislav Sopov
Dan Burgin