Brad Garlinghouse Responds To The IRS In A Lengthy Essay

In a lengthy essay, Ripple CEO Brad Garlinghouse responded to an IRS request for information about XRP.

The IRS recently filed a subpoena by John Doe, targeting the company and its subsidiary, XRP II LLC. A subpoena was filed in California asking for details about these companies' use of XRP.

In his response, Garlinghouse wrote that he believes the agency's investigation is flawed. He pointed out that neither Ripple nor XRP are securities but digital assets:

We believe it is inappropriate for the IRS to attempt to apply its tax authority to a token that is not intended for investment or security purposes. Garlinghouse also noted that he thinks the government should focus on more important issues than crypto investigations:

Unfortunately, it seems that we must continue to devote significant resources to protecting our businesses against these baseless actions.