Ripple (XRP) CEO: Lawsuit is going much better than I had hoped

Brad Garlinghouse, the CEO of Ripple, attended Blockchain Week in Paris - which kicked off Wednesday. He told attendees that the ongoing case with the SEC is going extremely well.

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No room for negativity

The CEO is becoming increasingly optimistic about the Securities and Exchange Commission (SEC) lawsuit. After some positive results last week, that makes more than sense. The new developments in this case are not exactly bad for Ripple. In fact, Ripple had won a victory over the Securities and Exchange Commission (SEC). The reason for this is that the judge in the case denied a motion by the SEC to review certain documents.

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These documents were about a 2018 speech in which William Hinman, former director of the SEC's Division of Corporate Finance, said that bitcoin and ethereum are not securities. The SEC initially had no objection to viewing the documents, but after an independent watchdog came out with information about a possible conflict of interest, then suddenly it did.

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'Lawsuit went exceptionally well'

Garlinghouse spoke yesterday on the main stage of Paris Blockchain Week. There he told attendees that Ripple's defense in the ongoing case is doing better than he expected. "The lawsuit has gone extremely well, and much better than I could have hoped for when it started about 15 months ago," the CEO said.

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"This case is important, not just for Ripple; it's important for the entire crypto industry in the United States," Garlinghouse said. He also explained that if Ripple were to lose the case, another way out could be found, which would allow most tokens - those still on exchanges - to be recognized as securities by the SEC.

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So, worst case scanario, Ripple has a trump card up its sleeve. This would mean, however, that exchanges could be forced to register with the SEC as brokers. Exchanges in this case would be forced to register the identity of all token holders.