Ripple’s Brad Garlinghouse Calls XRP Lawsuit “Outrageous”
It’s been just revealed that the scandal surrounding the XRP lawsuit continues.
You are probably aware of the fact that XRP is accused of being a security, and Ripple is also slammed for being the company that created the coin for its benefits.
The subject has been debated for an extended period of time, making Ripple enthusiasts and the XRP army of fans angry.
Just the other day, we reported that a document just surfaced on the Internet, and CryptoSlate online publication revealed that this document is providing evidence that Ripple created XRP and the company is selling the token in excess of need for profit.
As expected, the news was not received with open arms by the community.
Brad Galrlinghouse addresses the issue once again
The next phase of the lawsuit is only a few days away, and Brad Garlinghouse has something to say about this. He called the whole thing outrageous.
Just to refresh your memory, Bradley Sostack filed a lawsuit in 2018 claiming the San Francisco-based company sold him XRP as an unregistered security.
Ripple claims the allegations have no merit, and the company also says that Sostack’s claim violates the statute of limitations.
“ I think it’s very clear that XRP is not a security….” Brad Garlinghouse pic.twitter.com/nlpbIzjxiN
— Digital Assets Daily (@AssetsDaily) January 12, 2020
Garlinghouse said the following in a new CNBC interview:
“My view of this is it’s pretty outrageous. Here’s somebody who held XRP for, I think, two weeks’ time and is making some claims. Whether or not XRP is a security is not going to be dictated by one lawsuit,” he stated.
He continued and highlighted the fact that “I think it’s very clear that XRP is not a security. It exists independently of Ripple, the company. If Ripple the company shut down tomorrow, the XRP ecosystem would continue to exist.”
He also called XRP independent, open-source tech. More than that, he highlighted XRP’s utility, which cannot exist is the coin is a security.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.