• Wed. Apr 24th, 2024

Ripple Labs Is Ready To Settle Case With SEC Under One Condition

Hassan Mehmood

ByHassan Mehmood

Oct 1, 2021

Brad Garlinghouse is one of the leading defendants in the case of SEC versus Ripple Labs. The SEC filed a financial violation case against the enterprise in 2020 for dealing in unregistered securities. The main objective of the government watchdog was to look after and safeguard the interest of the investors. However, everything changed when the defence lawyers John Deaton brought a petition to grant 20K XRP investors to take a seat in the court in the capacity of third-party defendants.

The court eventually granted the motion to allow the representatives of the XRP investors to have a say in the case. However, SEC managed to get an extension on the case instead of collecting evidence from the foreign regulators. At the same time, the defence pointed out the bias of SEC towards XRP against Ethereum and Bitcoin. After spending many months in court, it seems the case is nearing its end. Recently, Garlinghouse told Fox Business that Ripple is open for the conditioned settlement of the case.

Brad Garlinghouse was speaking to the journalists at Fox Business when he claimed that Ripple Labs wants to ensure the way-forward for XRP token. He claimed that if the SEC lawyers are ready to come to a settlement that allows XRP token to have a legitimate legal status, the company will be open to close the case at their earliest. The last time SEC and Ripple faced off in the court, the defence lawyers were unhappy with the extension approval for discovery.

Ripple Labs To Introduce Educational Programs

Garlinghouse told the media that the company is looking forward to launching educational programs to introduce more use cases of the XRP token. He also claimed that the XRP community could undertake a great project with the help of this crypto product. He also emphasized that the XRP Ledger is a decentralized and open-source network that is based on trust and peer trading.

Recently second-largest blockchain project in the world, Ethereum, also came under the radar of SEC scrutiny. Speaking on the matter, Garlinghouse claimed that if SEC is eager to change its stance on the matter of legal definition of securities. He further added that the crypto community at large is suffering from issues due to the lack of clarity from the state regulators.

When asked about the question of conflict of interest in the case, Garlinghouse responded that the timing of the SEC case filing raises a lot of suspicion and points towards the conflict of interest. He also clarified that the cryptocurrency industry is not like the Wild West. It is worth noting that Ripple Labs has recently partnered with the Royal Monetary Authority (RMA) of Bhutan for the issuance of the digital Ngultrum.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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