No Plans to Settle With SEC, Says Ripple’s Legal Team
Ripple’s legal team said they have no plans to settle their dispute with the U.S. Securities and Exchange Commission (SEC). Furthermore, they are confident that SEC Chairman Gary Gensler will eventually decide to drop the lawsuit that has been dragging on for almost a year now.
With the pre-trial phase ending October 15, Ripple’s legal team informed Fox Business on Friday that it is not looking to settle the lawsuit with the SEC. FOX’s Charles Gasparino shared the news on Twitter:
BREAKING: @Ripple‘s legal team tell @FoxBusiness they have no plans to settle w @SEC_Enforcement over lawsuit on XRP, confident they can show @GaryGensler in pursuing the case is picking winners and losers in the #Crypto business to the detriment of innovation. Story developing
— Charles Gasparino (@CGasparino) September 17, 2021
Ripple Labs, its CEO Brad Garlinghouse and co-founder Chris Larsen were sued by the SEC in December last year over the sale of XRP, which the SEC alleges is an unregistered security.
Garlinghouse had in January commented on why he was not settling with the SEC and said:
“Can’t get into specifics, but know we tried, and will continue to try with the new administration — to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved.”
Gensler Pro Crypto?
Hopes are high among Ripple Labs and the wider XRP community that the SEC will be dropping the case. Ripple so far has celebrated many small wins in the case, that it is highly unlikely to lose the case. In addition, while publicly undisclosed, SEC’s Gensler does seem to have a place in his heart for cryptocurrency, albeit particularly Bitcoin. Gensler had previously stated to be somewhat of a fan of Bitcoin:
“In that work, I came to believe that, though there was a lot of hype masquerading as reality in the crypto field, Nakamoto’s innovation is real. Further, it has been and could continue to be a catalyst for change in the fields of finance and money. At its core, Nakamoto was trying to create a private form of money with no central intermediary, such as a central bank or commercial banks.”
During a U.S. Senate Banking Committee hearing last week, when asked by Senator Cynthia Lummis if he supports responsible innovation, Gensler immediately replied favorable:
“Oh my gosh, yes. I mean it’s brought us these lights in the room. It’s brought us this ability to have a hybrid hearing with your fellow members. I mean innovation is what supports access, economic activity, and give so much of us better opportunities in life.”
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Author: Peter Siu