Since the United States Securities and Exchange Commission (SEC) sued Ripple three years ago, accusing it of issuing unregistered securities (XRP), the case has attracted widespread attention in the cryptocurrency community. Stuart Alderoty, Chief Legal Officer of Ripple, revealed on the 23rd that the SEC had proposed a settlement before the lawsuit, asking Ripple to admit that XRP is a security, but Ripple rejected this proposal.
Summary:
Former SEC Chairman criticizes Gary Gensler for “abuse of power,” Ripple CEO responds: “You have double standards.”
Background:
SEC surrenders completely in Ripple lawsuit! Ripple: They withdrew the lawsuit “rather than settling,” XRP surges 10%.
The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) reached its 3rd anniversary on December 22nd. Three years ago, the SEC accused Ripple, its CEO Brad Garlinghouse, and co-founder Christian Larsen of conducting unregistered securities (XRP) offerings, raising over $1.3 billion. The SEC further accused Garlinghouse and Larsen of privately selling up to $600 million of unregistered securities.
On the 23rd, Stuart Alderoty, Chief Legal Officer of Ripple, revealed that the SEC had proposed a settlement before the lawsuit, asking Ripple to publicly acknowledge XRP as a security and give the market a short period of time to meet compliance requirements.
Alderoty stated that Ripple rejected this proposal, citing two reasons:
Firstly, Alderoty emphasized that despite different perspectives, the core focus of the case has always been to prove that XRP itself is not a security.
Secondly, after three years of the Ripple lawsuit, the SEC still hasn’t provided clear cryptocurrency compliance rules, let alone fulfill its promise to bring the market into compliance when it proposed a settlement three years ago. On the contrary, the SEC has pursued an enforcement-first strategy, as seen in its lawsuits against cryptocurrency exchanges such as Binance and Coinbase this year. In hindsight, Ripple’s reasons at the time were correct and compelling.
Lawyer MetaLawMan congratulated Ripple on its victories this year, responding:
Ripple’s 3 victories.
This year, Ripple has achieved three victories in its lawsuit against the SEC:
On July 13th, Judge Analisa Torres ruled in summary judgment that XRP is not a security in retail transactions.
On October 4th, Judge Torres dismissed the SEC’s interim appeal filed on August 10th.
On October 20th, the SEC withdrew all charges against its CEO Brad Garlinghouse and co-founder Chris Larsen.
These victories have spurred an increase in XRP’s price. Currently, with the dismissal of the SEC’s lawsuit against Ripple’s executives, the Ripple case, originally scheduled for final judgment on April 23rd next year, may achieve victory in advance and may even lead to the cancellation of the lawsuit next year.
Related Reports:
Germany’s third-largest bank, DZ Bank, collaborates with a Ripple subsidiary to launch a cryptocurrency custody platform for institutional clients.
Ripple’s CTO admits: I didn’t buy XRP. Ripple must go public through an IPO to make big money.
Ripple partners with Fubon Bank to complete a pilot program for digital Hong Kong dollars, promoting tokenization use cases in real estate.
Tags:
Ripple
SEC
XRP
瑞波
訴訟