Ripple Secures BitGo CEO’s Support in Ongoing Lawsuit with SEC

Ripple Labs has found support in its legal battle against the U.S. Securities and Exchange Commission (SEC) from Mike Belshe, the CEO of BitGo, a leading digital asset custodian. 

Defining BitGo CEO’s Support for Ripple

In a Twitter post, Belshe clarified that his support for Ripple’s victory in the lawsuit was not driven by personal affection for XRP but rather by a desire to bring about regulatory change. 

He expressed the belief that a favorable outcome for Ripple would pave the way for regulatory frameworks that foster innovation, just as Bitcoin (BTC) was allowed to develop without being stifled by regulatory burdens in its early stages.

In his statement, BitGo CEO Mike Belshe drew a parallel between the early days of Bitcoin and the current situation with Ripple and XRP. Belshe pointed out that Bitcoin, despite its vision of decentralization, had a centralized aspect in its early years, similar to Ripple. 

Consequently, he suggested that if Bitcoin had been subjected to the same regulatory scrutiny as Ripple is facing now, it could have been labeled a “security”.

It is worth mentioning that Belshe’s viewpoint underscores the broader debate surrounding the regulatory treatment of crypto and the need for clear guidelines to accommodate innovation in the digital asset space.

Anticipation on the Closure of Ripple vs SEC Case Grows

The Ripple vs. SEC legal battle, which has spanned for two years, is entering its final stages, creating anticipation within the crypto community. The outcome of this lawsuit is highly anticipated due to its potential impact on the regulatory treatment of cryptocurrencies. 

As Ripple and the SEC present their arguments and evidence, stakeholders in the crypto industry closely follow the developments, eager to see how the court’s decision will shape the future of digital assets.

Notably, the CEO of Ripple, Brad Garlinghouse, has expressed hope in the ongoing SEC complaint alleging that XRP was offered as an unregistered security. Garlinghouse noted that  the much-anticipated verdict will come shortly.  

In a recent interview, Garlinghouse hinted that after resolution over crucial Hinman Docs. a judgment might land in the coming weeks.