2020-11-28 16:45 |
Ripple CEO believes the company’s operations would not be affected even if XRP is declared as a security
Ripple has been a subject of debate in the last few months as its future in the US remains unclear. The company’s chief executive Brad Garlinghouse previously declared that Ripple would relocate if the regulatory environment around cryptos in the US remained hostile.
Speaking in an episode of the Pomp Podcast, the CEO explained the impacts the native token XRP would have if it is declared as a security. Garlinghouse admitted it would be difficult to perceive XRP as a security. He explained that the position would be going against the grain of the current perception in the G20 markets.
“You know if XRP were deemed a security here in the US that, you know, we have other G20 markets that have taken a different view. I’m not aware of any market globally that thinks that XRP is a security,” he asserted.
Even so, the CEO stated that the company would thrive even if XRP is designated as a security by the US Securities and Exchange Commission (SEC).
Garlinghouse went on to shed some light on the matter by explaining that the majority of RippleNet customers were based out of the US. As such, the declaration of XRP as a security would not impede the company’s operation. In a hypothetical scenario where XRP is declared as a security by the SEC, the investors would be required to have a broker-dealer registration with the commission.
Although the token’s status has been a hot topic recently, a final decision on it hasn’t been arrived at yet. Among those pushing for its security designation is 40-year trading veteran Peter Brandt. Others, such as Congressman Tom Emmer have voiced their views that XRP is not a security.
Earlier this week, XRP’s price rallied to almost $0.75 on Tuesday. The coin has since retreated to a price of $0.51 as of writing, which represents a drop of 0.715% in the last 24 hours. Trading volume over the past 24-hours has also dipped to $21.7 billion.
The post Ripple would perform with XRP as a security – CEO claims appeared first on Coin Journal.
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