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Ripple’s Legal Team Has No Plans to Settle Lawsuit With SEC

cryptoknowmics.com 20 September 2021 02:30, UTC

As the Ripple vs SEC lawsuit approaches conclusion, the former’s legal team has indicated that it won’t settle with the securities regulator. In an interview with Fox Business, Ripple’s legal representatives said that they would convince SEC chair, Gary Gensler, that pursuing this case would harm crypto innovation.

Ripple’s Legal Team Refuses to Back Down in Lawsuit With SEC

“Ripple’s legal team tell Fox Business they have no plans to settle with SEC over a lawsuit on XRP, confident they can show Gary Gensler in pursuing the case is picking winners and losers in the crypto business to the detriment of innovation.”

The securities watchdog brought a lawsuit against Ripple in December 2020 over its native cryptocurrency XRP, which it considers a security.

Notably, the proceedings were initiated under the tenure of former SEC chair Jay Clayton, who has previously stated that all initial coin offerings (ICOs) should be treated as securities.

Back in January, Ripple CEO Brad Garlinghouse was quizzed about a potential settlement with the SEC. He responded:

“Can’t get into specifics, but know we tried — and will continue to try with the new administration — to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved.”

Experts Predict a Resounding Win for Ripple

Although speculations are rife about the outcome, many experts opine that Ripple would eventually prevail in the lawsuit. Last week, John E. Deaton, the founder of the CryptoLaw website, tweeted that the odds are in favor of Ripple.

Expectations around XRP’s price are also heightening. According to some estimates, the currency could soar up to $2.30 at the end of this year.

XRP is the sixth-largest cryptocurrency as per market capitalization and is currently changing hands at $0.98.

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