The Ripple CEO sees the USA as just one of many markets for his company.
Ripple CEO Brad Garlinghouse is convinced that his company will be successful even if the company’s own cryptocurrency XRP should be classified as a security
In the podcast by crypto expert Anthony Pompliano, Garlinghouse spoke about the theoretical effects of a classification of Bitcoin Lifestyle as a security by the American Securities and Exchange Commission, pointing out that such a decision would be in clear contrast to the previous handling in other G20 countries.
Although the Ripple CEO finds it difficult to imagine seeing XRP as a security, he still lets himself into the thought experiment and says:
“So in the event that XRP is classified as a security in the USA, we still have markets in the remaining G20 countries that see it differently. So far I don’t know of any market in the world that classifies XRP as a security. “
Garlinghouse underpins this global view by noting that „more than 90% of RippleNet’s customers are outside the US“. A corresponding classification in the home country of the crypto payment service provider would therefore have little consequence, as the Ripple CEO suggests.
As a reminder:
The company Ripple offers payment services based on blockchain technology, which are based on the company’s own crypto currency XRP. Although Ripple issued the cryptocurrency, it does not directly control it.
The legal status of XRP has been hotly debated over and over again in recent years, with the experienced trader Peter Brandt recently restarting the discussion when he demanded that the cryptocurrency should be viewed as a security.
The American parliamentarian Tom Emmer takes the opposite position, so he said in August that XRP is not a security.
The dispute over the classification of the cryptocurrency even went to court, because several investors have already filed a class action lawsuit against Ripple because they see a security in XRP. Accordingly, the crypto payment service provider should deliberately misrepresent its relationship to the cryptocurrency. In March, Garlinghouse was also the subject of the lawsuit.
The course of XRP is meanwhile unimpressed and instead is flourishing again. The crypto currency was able to climb out of a multi-year price range , but this was almost offset by a heavy loss on Thursday.