Brad Garlinghouse, CEO of ipple, comments on the US Securities and Exchange Commission's (SEC) lawsuit against Ripple.
Ripple CEO: Investors are protected and regular markets are protected
Brad Garlinghouse, CEO of Ripple, breaks his silence after the negative developments in the market and makes important statements. Brad Garlinghouse reviews the SEC's lawsuit against Ripple and says:
AS I WILL NOT INTERPRET THE SEC'S UN PROVEN CLAIMS IN TWITTER AND AS YOU CAN ANTICIPATE IT ONLY, AFTER THE PROCEEDINGS PROCESS BEGINS / SHOULD BE SUBJECTED TO THE PUBLIC. BUT I WANT TO ADDRESS THE FIVE MAIN QUESTIONS I SEE. Q: WHY DID RIPPLE NOT AGREE WITH SEC? WE CAN'T GO INTO DETAILS BUT KNOW WE ARE EXPERIENCED AND WE WILL CONTINUE TO TRY IT WITH THE NEW MANAGEMENT SO THE XRP COMMUNITY CAN CONTINUE WITH THE INNOVATIONS. INVESTORS PROTECTED AND REGULAR MARKETS PROTECTED.
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Brad Garlinghouse: XRP, one of the most liquid (top 3-5) cryptocurrencies globally
Ripple's CEO says XRP continues to be a highly liquid asset. To date, more than 26 platforms have ceased support for the cryptocurrency. Brad Garlinghouse adds the following to his comments on the subject:
XRP IS ONE OF THE MOST LIQUID (TOP 3-5) CRYPTO CURRENCY AND 95% TRADING OUTSIDE OF THE USA, GLOBALLY. RIPPLE, WHERE THE XRP IS LISTED, WHO OWNER ETC. DOES NOT HAVE ANY CONTROL ON IT. IT IS AN OPEN SOURCE CODE AND DECENTRALIZED PLATFORM. UNLISTING AND STOPPING ARE TWO SEPARATE THINGS, MOST STOP TRADE. EIGHT DIFFERENT GOVERNMENT AGENCIES AND US MARKET PARTICIPANTS, EACH WITH ITS OWN (AND SOMETIMENTLY DIFFERENT) CRYPTO OPINIONS, ARE CONSIDERING CONTRACTING POLICIES AND NOT AT ALL AMAZING. IN THE USA, WE MOVED FROM THE LACK OF REGULATORY CLEARANCE TO REGULATORY CHAOS. THEREFORE, REGULATION THROUGH SANCTIONS IS A VERY BAD PUBLIC POLICY. WE EXPECT THE DIGITAL COMMODITY EXCHANGE LAW (DCEA) TO BE REACTIVE WITH THE NEW GOVERNANCE. THIS LAW PROVIDES OPENNESS TO THE ENTIRE SECTOR.
Ripple CEO: We look forward to our day in court
As to why Ripple has not yet responded to the SEC's claims, Brad Garlinghouse reminds his followers that the legal process is slow, and says the firm plans to deliver its first response within a few weeks. Brad Garlinghouse also responds to allegations that investors may have lost confidence in Ripple and that the firm is paying its customers to use XRP. Brad Garlinghouse adds the following to his comments on the subject:
Q: DO INVESTORS TRUST RIPPLE? YES, WE HAVE REAL SHAREHOLDERS. THIS WAY YOU HAVE RIPPLE SHARES. NOT TO BUY XRP, but TO BUY OUR SHARES. WE HAVE BEEN DISAPPOINTED DUE TO TETRAGON, WHICH HOLDS 1.5% OF RIPPLE, STUDYING TO ADVANTAGE TO AN UNIQUE PLACE THROUGH SEC'S CLAIMS. Q: DID YOU PAY CUSTOMERS FOR XRP USE? WE PROVIDE SOME CUSTOMERS, ESPECIALLY FIRST ACTIVITIES, INCENTIVES TO USE OPTIONAL LIQUIDITY (ODL). THIS CREATES A PAYMENT NETWORK 101 (AND TOTALLY LEGAL). EVERY PAYMENT NETWORK (PAYPAL, VISA, MC, ETC) HAS INCENTIVES OR IS STILL USED. WE DEVELOPED A PRODUCT WHICH IS THE FIRST OF ITS KIND. INTEGRATING THE NEW INFRASTRUCTURE COMES WITH THE COSTS. WITH XRP, SOLVE REAL PROBLEMS RELATED TO ODL, COST, SPEED AND PAYMENT ...
Brad Garlinghouse concludes that history is on the Ripple's side and that “they look forward to their day at court. Brad Garlinghouse also stresses that they will meet with the new SEC leadership when they are appointed.
