Although they have tried in the past, reports published by the Fox Business Network point to what Ripple contemplates continuing the legal battle against SEC until the end.
The solution developer company Blockchain and responsible for the creation of the token XRP, Ripple, assured that he has not contemplated reaching an out-of-court agreement with the US Securities and Exchange Commission (SEC) in relation to the legal battle that they currently have in court.
Ripple has no plans to negotiate with the SEC
This was revealed by the journalist from Fox Business Network, Charles Gasparino, who contacted the legal team of Ripple and confirmed the fact that the company is not interested in reaching any agreement, to which he added in a message posted on his Twitter account the following:
“… People close to @Ripple say that while @SEC_Enforcement has damaged local business with the XRP case, it is thriving abroad, further proof that @SECGov’s crypto enforcement agenda is forcing for innovation to occur outside the US ”.
According to Gasparino, the team of Ripple “is confident that it can demonstrate that @GaryGensler is pursuing the case and is picking winners and losers within the #Crypto sector to the detriment of innovation”. He also assured that Gensler and the SEC They are not willing to give their arm to twist when it comes to the cryptocurrency sector, so it could become a battle in which only Congress or the Courts could intervene to ensure compliance with the laws.
Ripple vs the SEC: Court Case
Let us remember that the SEC filed a lawsuit against Ripple for what it qualified as the sale of unregistered securities at the time, as well as the breach of commercial offers during the pre-sale of the token XRP.
As such, the SEC filed charges against Ripple Labs and its CEO, Brad Garlinghouse, but the latter has reiterated on several occasions that XRP does not fall within the value classification, mainly because its users do not derive any type of profit on the financial performance of the company. Despite this, the regulatory body maintains its position and defends that both the manager and the company committed illegal acts more than seven years ago.
In January 2021, Garlinghouse indicated that he and his team tried to mediate to reach an agreement with the SEC in the past, but that this was not given for reasons that could not be disclosed. They don’t seem interested now, however, especially now that the company has scored small victories during the ongoing trial.
The truth is that all the commotion at the time generated consequences for users and investors of the token XRP, since several international exchanges chose to remove it from their commercial listings in order to avoid legal inconvenience. Due to what happened, the team of Ripple He assured that once the trial in progress concludes, they will proceed to take their operations to another latitude that has much more openness for innovation.
Source: Beincrypto, Twitter
Version by Angel Di Matteo / DailyBitcoin
Picture of Unsplash