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As reported by Fox Business, Ripple’s legal team has no plans to settle the dispute with the Securities and Exchange Commission of the United States (SEC).
Reporter Charles Gasparino tweeted that Ripple believes that pursuing the lawsuit would persuade SEC Chairman Gary Gensler that it is picking winners and losers in the crypto industry at the expense of innovation.
BREAKING: @Ripple's legal team tell @FoxBusiness they have no plans to settle w @SEC_Enforcement over lawsuit on XRP, confident they can show @GaryGensler in pursuing the case is picking winners and losers in the #Crypto business to the detriment of innovation. Story developing
— Charles Gasparino (@CGasparino) September 17, 2021
Supporters of Ripple and XRP are hoping that the new SEC chairman, Gary Gensler, who previously taught cryptography at MIT, will dismiss the XRP litigation.
They claim that former SEC Chairman Jay Clayton had a conflict of interest. In August, a government investigator began looking into the circumstances surrounding Clayton and senior SEC official William Hinman’s XRP lawsuit.
Gensler has demonstrated that he is open to new ideas. “Do you support responsible innovation?” Senator Cynthia Lummis, a pro-bitcoin member of the Senate Banking Committee, asked him during a hearing last week. “Oh my gosh, yes,” Gensler said right away.
The Chairman has said, Satoshi Nakamoto’s innovation is real, “His innovation sparked the creation of crypto assets and the underlying blockchain technology,”
He also stated that “it has been and could continue to be a catalyst for change in the disciplines of finance and money.”
Critic Brandt says XRP is a security
Peter Brandt, a commodity trader with more than four decades of experience, continues to believe that XRP is unregistered security.
Under new SEC head we will have many more challenges of this type. Personally I think XRP is a security, but that would not prevent me from owning it under the right circumstances.
— Peter Brandt (@PeterLBrandt) September 20, 2021
Brandt, a long-time Ripple opponent, publicly petitioned the Securities and Exchange Commission to designate XRP as security just two months before the case was filed. He also charged the firm with rigging the price of the contentious cryptocurrency.
However, the veteran trader would own the Ripple-affiliated cryptocurrency “under the appropriate circumstances,” despite the regulatory ambiguity around it.