Ripple Labs will not Settle Lawsuit with SEC

Ripple Labs is a crypto-related business and blockchain enterprise. The company has been in a legal tiff with the securities and exchange commission of the United States since last year. Despite the ongoing legal battle from a federal agency, Ripple Labs native token XRP has been doing well. XRP is currently the 6th largest cryptocurrency in the world by market cap.

Recently, speaking to Fox News, the legal team that is handling the case for defendants claimed that they are not looking for a settlement. Charles Gasparino is a journalist and correspondent of Fox Business Network. He recently had a detailed interview with the Ripple Labs lawyers. Commenting on the interview, he tweeted that Ripple Labs has no plans to opt for a settlement given the current circumstances.

The Ripple Labs vs SEC case has been referred to time and again as a benchmark that the state and the centralized government aim to set for the entire crypto space. Many legal and financial experts believe that if SEC can get a favourable ruling in this case, it will pave the way for a stringent regulatory environment for other crypto enterprises as well.

Gary Gensler is the new SEC chief appointed under the Biden administration. He has claimed on several occasions that under his reign, the regulatory watchdog is preparing to bring more lawsuits related to cryptocurrencies. He also addressed congress recently and claimed that many decentralized tokens are unregistered securities and SEC lawyers are ready to bring hundreds of lawsuits about the matter. Defence lawyers at Ripple also claim that Gensler needs to understand that this case is going to hinder the process of progress and innovation in the field of finance.

Ripple Labs Tried to Settle with SEC in the Past

The topmost executives of Ripple Labs, Brad Garlinghouse and Chris Larson, are the main defendants in the $1.3 billion unregistered securities case. Garlighouse mentioned in a tweet in January 2021 that his legal team tried to settle the case before with SEC. He was also recently questioned upon this matter.

He responded that the main reason behind the case still going on in the court is not clear, and it should be clear that Ripple Labs has tried to do so many times. He also added that the shareholders of Ripple Labs are providing strong support to the company. In the end, he claimed that the main goal of Ripple Labs is to ensure that the XRP community can keep trading and doing business without the fear of any legal hassles.

Leave a Reply

Your email address will not be published.


GBP to USD Prediction – Bulls Target $1.2450 Amid Weak U.S Jobs Report

It is somewhat of a GBP-USD day. The market does not have the United Kingdom’s economy to ponder today. Meanwhile, the attention has remained on the Federal Reserve following GBP-USD’s Thursday $1.23 return. The currency has never explored the value since June. Though hawkish bets place the sterling at the $1.25 mark into 2023, massive […]

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]