Brad Garlinghouse, the CEO of the blockchain company Ripple said in a later interview with Bloomberg that the SEC vs Ripple case is going well, and it is playing out. He mentioned that other parts of the US government called XRP a digital asset native to Ripple's technology stack, property, or currency, and only the US SEC views it as security. Garlinghouse added that the irony is that the USA is the only country that finds XRP is a security.
According to the Ripple executive, justice is delayed and denied as the SEC continues efforts to push things out. He mentioned that the agency isn't as transparent as it claims because it tries to hide its notes in the case.
To the question of how Ripple will move forward if the SEC wins, Garlinghouse answered that Ripple is already operating in the world as if it has lost. The company has no liquidity in the US as it was frozen in the most US-based exchanges. In spite of that, 2021 was a record year for the company due to the growth outside the US. Garlinghouse noted that 95% of the company’s customers are non US payment firms.
As there are no clear regulations for the crypto sector in the US, Garlinghouse's advice for entrepreneurs and investors is to start their operations in jurisdictions like Singapore, United Kingdom, Switzerland, UAE where there are clear laws for crypto.
The SEC against Ripple lawsuit started in Dec. 2020, when the government agency accused Ripple of selling non registered securities, meaning XRP.