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Sunday, Oct 17, 2021

Ripple Is Not Planning To Settle The XRP Lawsuit With SEC

Ripple Is Not Planning To Settle The XRP Lawsuit With SEC

While Ripple's lawsuit over XRP with the U.S. Securities and Exchange Commission (SEC) continues, Ripple’s legal team are not planning to settle with the SEC. They believe that Gary Gensler, Chair of SEC will come to the conclusion that the case is picking winners and losers in the crypto business to the detriment of innovation.

Ripple’s legal team explained to Fox Business that there is no plan to settle the lawsuit with the U.S. Securities and Exchange Commission (SEC), Charles Gasparino reported. He tweeted Friday:

“Ripple’s legal team tell Fox Business they have no plans to settle with SEC over lawsuit on XRP, confident they can show Gary Gensler in pursuing the case is picking winners and losers in the crypto business to the detriment of innovation.”

Last December, the US securities watchdog sued Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP.

Garlinghouse was asked earlier this year why Ripple did not settle with the SEC. His response was:

“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.”

Ripple and XRP supporters have been in the hopes that Gary Gensler, who became SEC chairman this year, and who taught crypto at the Massachusetts Institute of Technology (MIT), would not continue the XRP lawsuit.

There have been insinuations that a conflict of interest with former SEC Chairman Jay Clayton existed in the lawsuit.

A government watchdog began investigating circumstances surrounding the XRP lawsuit involving Clayton and senior SEC official William Hinman, in August.

Gensler clearly recognizes innovation. During a U.S. Senate Banking Committee hearing last week, the pro-bitcoin Senator Cynthia Lummis asked him: “Do you support responsible innovation?”

Gensler response was:

“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.”

The SEC chairman has also recognized that Satoshi Nakamoto’s innovation is real:

“His innovation spurred the development of crypto assets and the underlying blockchain technology. It has been and could continue to be a catalyst for change in the fields of finance and money.”

Source: Ripple Is Not Planning To Settle The XRP Lawsuit With SEC – Fintechs.fi

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