Brad Garlinghouse, the CEO of Ripple, recently shared his positive outlook on Ripple’s ongoing legal battle against the Securities and Exchange Commission (SEC). In a recent video, Garlinghouse expressed his belief that Ripple will ultimately emerge victorious and predicted that the cryptocurrency industry as a whole will overcome regulatory challenges in the long run.
Garlinghouse emphasized that the best technologies always prevail in the long term, suggesting that the SEC’s attempts to restrict crypto activities will ultimately fail. He pointed out that the SEC’s actions against the crypto industry pale in comparison to its remarkable growth in recent years.
During the same occasion, Garlinghouse expressed his immense optimism about the future of the cryptocurrency sector. He predicted that the recent events surrounding Ripple and the SEC will be insignificant compared to the industry’s development over the next two decades.
In a tweet, Garlinghouse confidently stated that he believes the SEC will lose the case against Ripple. This tweet further reflects his positive outlook on the outcome of the legal battle.
It is worth noting that in a previous interview with CNBC, Garlinghouse forecasted that the cryptocurrency market capitalization has the potential to double by the end of 2024. He projected that the overall market capitalization of the cryptocurrency market will reach $5 trillion by 2024. Currently, the global market capitalization of the cryptocurrency industry stands at approximately $2.69 trillion.
In response to the judge’s decision in the Ripple case, the SEC criticized Judge Analisa Torres, claiming that no other court has followed her ruling. This criticism was made as part of the SEC’s argument against Coinbase’s request for an appeal.
It is important to mention that Judge Torres previously ruled in July of last year that XRP sales through exchanges did not qualify as securities offerings. She also determined that XRP itself is not a security, leading to the conclusion that sales on exchanges are not considered investment contracts.
In its recent lawsuit against Coinbase, the SEC argues that the platform acts as an unregistered intermediary for “crypto asset securities.” This contradicts Judge Torres’ ruling, as the SEC believes that digital assets listed on Coinbase are securities and that sales on the platform constitute investment contracts.
Disclaimer: The views and opinions expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
Editor’s Choice: A former regulator expert estimates that the Ripple vs SEC case will inevitably be brought to the second circuit. The outcome of this lawsuit and what will follow remains to be seen.