Brad Garlinghouse, the CEO of Ripple is more and more optimistic that the long-running case with the US SEC will deliver a positive result for the blockchain-based global payments firm.
Speaking on the main stage at Paris Blockchain Week, Garlinghouse told attendees of the fireside chat that Ripple’s defense in the ongoing case was faring better than he anticipated.
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”
He further mentioned that if Ripple were to lose the case, a precedent could be set that would see most tokens on digital asset exchanges become recognized as “securities” by the Securities and Exchange Commission.
This would mean that the crypto exchanges can be forced to register with the Securities and Exchange Commission as brokers and exchanges would be required to register the identity of all token holders.
“If you determine XRP as a security of Ripple, we have to know every person that owns XRP. That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”
Nonetheless, a persuasive Ripple victory might see the SEC take a step away from its aggressive pursuit of the digital asset industry.
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