In an ongoing lawsuit with the US Securities and Exchange Commission (SEC), Ripple’s legal team said it had no plans to settle with the Securities Watchdog. They are confident that SEC chairman Gary Gensler will be convinced that following the lawsuit is leading the crypto business winners and losers to the loss of innovation.
There are no plans to settle with the SEC, Ripple’s legal team says
Ripple’s legal team told Fox Business that it has no plans to settle the case with the U.S. Securities and Exchange Commission (SEC), Charles Gasparino said. He Tweeted Friday:
Ripple’s legal team told Fox Business that they have no plans to settle the XRP lawsuit with the SEC, and they are confident they can show Gary Gensler that the lawsuit is leading to the loss of innovation for crypto business winners and losers.
In December last year, SEC filed a lawsuit against Ripple Labs, its CEO Brad Girllinghouse and co-founder Chris Larsen for allegedly selling XRP.
In January, Girlinghouse was asked why Ripple had not settled with the SEC. He replied: “I don’t know exactly, but I know we’ve tried – and will continue to try with the new administration – to solve it in such a way that the XRP community can continue to innovate, consumers are protected and orderly markets are preserved.”
Ripple and XRP supporters hope that the new SEC chairman, Gary Gensler, who teaches crypto at the Massachusetts Institute of Technology (MIT), will dismiss the XRP lawsuit. They believe there was a conflict of interest with former SEC chairman Jay Clayton. In August, a government watchdog began investigating the situation surrounding the XRP case involving Clayton and senior SEC official William Heinmann.
Gensler has shown that he recognizes innovation. During a U.S. Senate Banking Committee hearing last week, pro-Bitcoin Sen. Cynthia Lummis asked him: “Do you support responsible innovation?” Gensler immediately replied: “Oh my God, yes. I mean it brought this light into our room. It brings us the ability to hear hybrids with your fellow members. I mean innovation supports access, economic activity and much better in our lives.” Gives opportunity.
The SEC chairman further said that Satoshi Nakamoto’s invention is real. “His invention encouraged the development of crypto resources and the underlying blockchain technology,” Gensler explained, adding that “it has been and can continue to be a catalyst for change in terms of money and money.”
Do you think the SEC will withdraw the lawsuit against Ripple Labs and its executives over XRP? Let us know in the comments section below.
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