In an ongoing lawsuit with the US Securities and Exchange Commission (SEC), Ripple’s legal team reportedly stated that they have no plans to reach a settlement with securities regulators. They believe that SEC Chairman Gary Gensler will be convinced that pursuing this case is picking winners and losers in the crypto industry, thereby undermining innovation.
Ripple’s legal team stated that there is no plan to settle with the SEC
According to Charles Gasparino (Charles Gasparino), Ripple’s legal team told Fox Business that it has no plans to reach a settlement with the US Securities and Exchange Commission (SEC).he Tweet Friday:
Ripple’s legal team told Fox Business that they have no plans to reach a settlement with the SEC over the XRP lawsuit. They believe that they can show Gary Gensler that they are picking winners and losers in the cryptocurrency business when pursuing the case, thereby undermining innovation.
In December last year, the US Securities and Exchange Commission sued Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen for selling XRP.
In January of this year, someone asked Garlinghouse why Ripple did not reach a settlement with the SEC. He replied: “Can’t elaborate, but know that we have tried — and will continue to try with the new government — to solve this problem in some way so that the XRP community can continue to innovate, protect consumers and maintain an orderly market .”
Supporters of Ripple and XRP hope that the new SEC chairman, Gary Gensler, who teaches cryptocurrency at the Massachusetts Institute of Technology (MIT), can dismiss the XRP lawsuit. They believe that there is a conflict of interest with Jay Clayton, the former chairman of the US Securities and Exchange Commission. In August, a government regulator began investigating the XRP lawsuit involving Clayton and senior U.S. Securities and Exchange Commission official William Hinman.
Gensler has shown that he recognizes innovation. At the hearing of the U.S. Senate Banking Committee last week, Senator Cynthia Loomis, a Bitcoin supporter, asked him: “Do you support responsible innovation?” Gensler replied immediately: “Oh, my goodness, yes. Me.” What I mean is that it brings us these lights in the room. It brings us the ability to conduct mixed hearings with your other members. I mean innovation is to support access, economic activity and provide for many of us Factors for better life opportunities.”
The chairman of the SEC also stated that Satoshi Nakamoto’s innovation is real. “His innovation stimulated the development of encrypted assets and underlying blockchain technology,” Gensler described, adding that “it has been and will continue to be a catalyst for changes in the financial and monetary fields.”
Do you think the SEC will abandon the XRP lawsuit filed against Ripple Labs and its executives? Let us know in the comments section below.
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