Ripple News: The legal battle and debate over whether XRP is a Security or not is stretching ahead. However, Ripple in its Quater 1 XRP report mentioned that it expects a court judgment to come by the end of this year. Amid all the court proceedings, Ripple CEO has commented on the securities laws.
Did Ripple dodge Security Laws?
Brad Garlinghouse, Ripple CEO in a recent interview stated mentioned that they will spend $200 around million to just defend themselves against the U.S. Securities and Exchange Commission.
However, venture capitalist Jason Calacanis commenting on the interview claimed that XRP is a security. He stated that it would have cost a little for the Ripple team to go and register it as a security. Calacanis added that Ripple should have played by the rules like everyone else in the market do.
Meanwhile, Brad Garlinghouse slammed VC’s claim and asked when he learned about the securities law. He added that this is embarrassing that there is no framework to register digital assets in the U.S.
The U.S. SEC in the XRP lawsuit has alleged that Chris Larsen and Garlinghouse breached the securities law by offering and selling XRP without registering it. Meanwhile, the blockchain firm is claiming that XRP is a digital currency and not a security.
However, the U.S SEC has launched its enforcement over many crypto linked firms over the past year. The commission forced the crypto exchange Kraken to stop offering its staking services which offer users yeilds on their tokens.
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