Since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple three years ago, accusing it of issuing unregistered securities (XRP), the case has attracted widespread attention in the cryptocurrency industry. Stuart Alderoty, Chief Legal Officer of Ripple, revealed on the 23rd that the SEC had proposed a settlement before the litigation, asking Ripple to acknowledge XRP as a security, but Ripple rejected this proposal.
(Background:
Former SEC chairman mocks Gary Gensler’s “abuse of power,” Ripple CEO retorts: “You also have double standards”
)
(Background Supplement:
SEC surrenders completely in Ripple lawsuit! Ripple: They dismissed the case “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 and its CEO Brad Garlinghouse, as well as co-founder Christian Larsen, of conducting the issuance of unregistered securities (XRP), raising over $1.3 billion. The SEC further accused Garlinghouse and Larsen of privately selling up to $600 million in unregistered securities.
On the 23rd, Ripple’s Chief Legal Officer Stuart Alderoty 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 insisted on rejecting this proposal for two reasons:
Firstly, despite different opinions, 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 has not provided clear cryptocurrency compliance rules, let alone fulfill its promise three years ago to bring the market into compliance through a settlement. On the contrary, the SEC has pursued an enforcement-first strategy, such as filing lawsuits against cryptocurrency exchanges like Binance and Coinbase this year. In retrospect, Ripple’s reasons at that time were quite correct and powerful.
Lawyer MetaLawMan congratulated Ripple on its victories this year and responded, “Congratulations to Ripple’s 3 victories.”
This year, Ripple has achieved three victories in the lawsuit against the SEC, which are:
On July 13th, Judge Analisa Torres ruled in a summary judgment that XRP is not a security in retail transactions.
On October 4th, Judge Torres rejected the SEC’s intermediate appeal filed on August 10th.
On October 20th, the SEC dropped all charges against its CEO Brad Garlinghouse and co-founder Chris Larsen.
These victories have inspired the rise in the price of XRP. Currently, with the dismissal of the lawsuit against Ripple’s top management by the SEC, it may bring an early victory to the Ripple case, which was originally scheduled for final trial on April 23rd next year, and may even cancel the lawsuit next year.
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Ripple
SEC
XRP
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