“Things Do Not Look Good”: Former Coinbase Executive On Ripple-SEC Lawsuit

Tom Loverro, the former Coinbase board member, has indirectly given an unusual hint at the Ripple-SEC lawsuit. The CEO of Ripple made a statement about leaving the U.S after losing its case against the SEC, on which Loverro said: “things do not look so good.” Although, he doesn’t have any solid information.

Crypto winter is here ❄️. I was on the @Coinbase board until 2021 and led its Series D for @IVP. I’ve lived crypto cycles since 2013. Here are my predictions on how and when this crypto winter will end, and how to emerge stronger. ??/1
— Tom Loverro (@tomloverro) June 28, 2022

Ripple CEO To Leave The Country?

During the Collision conference in Toronto, Brad Garlinghouse, the CEO of Ripple said he might consider leaving the U.S if Ripple loses the lawsuit.

I have zero real info but I don’t think it looks good for ol ripple if there are already talking about leaving the US
— Tom Loverro (@tomloverro) June 28, 2022

SEC filed the lawsuit in December 2020 putting allegations on Ripple and its defendants of using XRP illegally as unregistered security to raise funds worth roughly $1.3 billion.

In April, Ripple CEO Brad Garlinghouse in an interview with Bloomberg said that his company has been running as if the U.S. Securities and Exchange Commission (SEC) has already defeated it. While commenting on the delay, he said, “Justice delayed is Justice Denied”

A major part of Ripple’s business comes from outside of the United States. According to Garlinghouse, 99% of Ripple’s customers are non-U.S. payment companies

Meanwhile, Ripple has also inaugurated its first office in Canada. The crypto firm in a news release noted that the office will be an engineering hub and will help in its growth in North America.

The firm plans to onboard 50 engineers in Toronto and create a team of blockchain software engineers, including data scientists, applied machine learning scientists, and product managers.

SEC Might What Not Get What It’s Looking For

Eleanor Terrett, a reporter at Fox News Channel, in a tweet shared that Hester Peirce has privately revealed that she thinks that the SEC might not get the outcome it wants, according to a source close to the SEC.

Hester Peirce, SEC Commissioner, has constantly raised concerns on the approach to digital assets for quite a time. This one time she made the statement saying, “The Commission has refused, despite many pleas over many years, to provide regulatory guidance about how our rules apply to crypto-assets.”

ALSO READ: FTX Token DAO Raises $7M From Community of Sam Bankman-Fried Fans

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing