- The lawsuit filed by the SEC is still delayed
- Ripple Labs is being sued for illegally using XRP as unrecorded security to raise $1.3 billion
- Ripple CEO threatens to leave the country
The claim filed by the SEC in December 2020, accusing Ripple Labs Inc, Brad Garlinghouse and Chris Larsen of illicitly involving XRP as unregistered security to raise $1.3 billion, continues to be deferred so much that Ripple’s CEO commits to the possibility of leaving the country if the court decides for the SEC.
Garlinghouse explained it in a meeting with the Axios media during the Collision meeting in Toronto.
That is what he said, assuming they lose the claim, they will not think of leaving the US however they will as such, adding that the case would terribly change nothing in the wider crypto industry.
Ripple vs. SEC
In mid-April, Ripple appeared to have scored a critical win in its case against the SEC after Judge Sarah Netburn denied the SEC’s request to rethink the protection of specific reports proving a speech given by its former director, William Hinman. , who said that Bitcoin and Ether are not protections.
However, the case is still causing a stir, as the SEC managed to reverse Ripple’s expected triumph, ensuring that Hinman should not have broadcast this speech as he had explicitly irreconcilable situations with those digital currencies.
This point has been made by Garlinghouse over and over again, expressing that XRP is money and not a security, contrasting his bias with that of bitcoin (BTC) or Ethereum (ETH).
Right now, moral authorities are conducting an examination to support whether Hinman had irreconcilable circumstances when he delivered his contentious speech. The test results could be critical to Ripple and its legitimate methodology.
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An initial public offering (IPO) is still on the horizon
Garlinghouse recently praised the SEC’s handling of the case, adding that he wants
see it end soon. Assuming that’s the situation, the organization will likely submit an IPO.
Also, two or three days earlier, Ripple announced its arrangements to open an office in Toronto, Canada, creating around 50 new positions.
Essentially, it should be noted that aside from the 300 workers that Ripple has in the US, the organization has 300 or more specialists abroad, so changing its main base camp shouldn’t mean much to the organization.
Ripple’s CEO may be rearranging his cards as he plans what’s in store. However, people whose identity is still enrolled in the XRP Army could claim in good faith that the organization will simply grow their compass, regardless of whether it is a US-based company.