Court victory against SEC is ‘not enough’

Following Ripple’s multiple court victories against the United States Securities and Exchange Commission (SEC) in the case where the regulator was alleging illegal securities sales of XRP, the blockchain company’s CEO said winning in court was not enough.

Indeed, Brad Garlingouse believes that the company’s success against the SEC had still not done much to persuade some of the US-based banks that were on the fence about the cryptocurrency industry, as he told the attendees of the DC Fintech Week conference on November 8.

“They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC [Options Clearing Corporation] is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully.”

Crypto policies in US vs. overseas

Furthermore, he shared his view that the SEC’s openly antagonistic attitude toward cryptocurrencies, particularly that of its chief Gary Gensler, was part of a political agenda aiming to stifle the sector’s expansion in the US. Meanwhile, other countries are getting a head start in crypto by introducing clear policies.

“I don’t think the window has passed for the US to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth.”

Finally, the Ripple CEO reiterated that, for this reason, 80% of his company’s hiring this year would be outside the US, wondering why he would want to “hire more and more people in the United States when the US is making it hostile” for him to operate there.

As a reminder, the lawsuit took a heavy toll on the blockchain company, as Garlinghouse earlier said that Ripple had spent more than $100 million fighting a government agency with unlimited resources, as Finbold reported on September 19.

In the meantime, the XRP token that was at the center of the Ripple v. SEC standoff was at press time changing hands at the price of $0.696, recording an increase of 0.21% on the day, gaining 13.10% across the week, and advancing 40.23% in the past month, as per data on November 9.

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