Ripple CEO Brad Garlinghouse Breaks His Silence on Controversial XRP Sales

Libra Coin News
Wed, 08/28/2019 - 06:11
Alex Dovbnya
Ripple CEO Brad Garlinghouse has decided that it’s about time to put a stop to all the FUD spreading in the media
Cover image via www

Brad Garlinghouse, the CEO of Ripple, says he was “compelled” to comment on the recent controversies that surround the San Francisco-based crypto behemoth.

In a recent thread, he weighs in on a class-action lawsuit, XRP sales, and transparency issues.

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XRP is not a security

One of the biggest concerns surrounding Ripple’s XRP is whether the token can be classified as unregistered security by the U.S. Securities and Exchange Commission (SEC). If the company loses the ongoing court battle, this would cause a massive sell-off of the third biggest cryptocurrency.

Garlinghouse insists that XRP is not a security, and the SEC doesn’t have a final say in that matter. The UK Financial Conduct Authority (FCA), for example, doesn’t consider XRP to be a security token.

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XRP sales are necessary

As reported by U.Today, Bloomberg, while citing the opinions of multiple industry experts, blamed Ripple for stifling the price growth of XRP with its continuous sales.

However, Garlinghouse claims that this is a necessary measure to decrease to increase the adoption of their native token by expanding RippleNet and supporting other XRP-related businesses. Moreover, Ripple actually decreased its sales by volume quarter over quarter.

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Facts only

Garlinghouse also states that their quarterly reports serve as proof that they set industry standards when it comes to transparency (and it’s not even debatable).

Earlier, Garlinghouse penned an open letter to the US Congress, asking lawmakers not to paint all cryptocurrencies with a broad brush.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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