Ripple CEO Brad Garlinghouse recently provided an update on the company’s legal battle with the U.S. Securities and Exchange Commission (SEC). In an interview with Fox Business, Garlinghouse discussed the changing attitude of the U.S. government towards cryptocurrency and highlighted the need for clearer regulations in the industry.
Garlinghouse also talked about Ripple’s recent acquisition of Hidden Road, a deal worth $2 billion. He noted that such a move would not have been possible a year ago when regulators were hostile towards the crypto industry. With the changing landscape, Ripple is now entering a new phase after its legal fight with the SEC.
While the legal case is coming to an end, Ripple still needs to pay fines of $50 million each to the SEC and the U.S. government. Interestingly, the company is in talks to make these payments in XRP, its native cryptocurrency. This has led to speculation about whether XRP could be added to the U.S. Digital Assets Stockpile.
The U.S. government has been building a national crypto reserve that currently holds assets like Bitcoin, Ether, USDT, and BNB. XRP is not included in this reserve yet, as the government only accepts crypto from civil or criminal forfeitures. If Ripple pays its fine in XRP, it could potentially qualify the asset for inclusion in the reserve.
The proposal to pay the fine in XRP still needs approval from the SEC’s commissioners, who are expected to vote on it in a closed-door meeting. The acceptance of XRP as payment and its potential inclusion in the government’s crypto vault could have significant implications for the wider crypto market.
In conclusion, Ripple’s legal battle with the SEC is nearing its resolution, and the company is optimistic about the future of the crypto industry. The possibility of paying fines in XRP and its potential inclusion in the U.S. Digital Assets Stockpile could have far-reaching effects on the market.
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