XRP Case with the SEC may come to an agreement
Securities and Exchange Commission (SEC) is getting new administration says Brad Garlinghouse, CEO of Ripple who hopes that SEC reconsider what they had said about XRP
Mr. CEO had previously said that Ripple and all the crypto industry had fallen victim to an attack (the lawsuit) by the SEC. This lawsuit was triggered in Dec 2020 when SEC sued Ripple and its board for $1.3B in unregistered digital asset securities through XRP. Being mad at what had happened to Ripple due to being sued by SEC, Garlinghouse called this an attack on the whole crypto world and told Bloomberg that the US is the “only country on the planet” that considers XRP as security and believes unlike the US, countries such as Japan, the UK, Singapore, and Switzerland’s regulatory frameworks are so clear.
We don’t know yet if there is a potential settlement with SEC so far from what Mr. Garlinghouse said;
“I’m hopeful that as a new administration comes into the SEC, there is an opportunity to revisit some of those conversations.”
The new SEC chairman is what may satisfy Garlinghouse and his company. Gary Gensler is going to be the new chairman who may resolve this issue. The SEC lawsuit filed by former SEC Jay Clayton was considered as a slap in the face for XRP as they’ve been active in the market for 8 years said XRP CEO who places the blame on Mr. Clayton who sued them right the day before his resignation.
Mary Jo White, a former SEC head executive corroborated Garlinghouse’s statement and said that SEC has been so wrong suing XRP for being unregulated security. Ms. White works for Ripple now.
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