Tensions remain high between Ripple and the US Securities and Exchange Commission
Tensions between Ripple and the US Securities and Exchange Commission (SEC) show no signs of cooling. Following harsh words directed at SEC Chair Gensler by company CEO Garlinghouse, a document brought to light by Ripple's Chief Legal Officer Stuart Alderoty has now taken center stage.
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On the third anniversary of the lawsuit, Alderoty revealed the contents of a settlement offer the SEC presented to the company before filing the case. According to this, in 2020, the SEC demanded that Ripple publicly acknowledge the cryptocurrency XRP as a security asset and grant it a short period for crypto compliance.
Ripple, however, rejected the SEC's demand, arguing that XRP is not a security. Furthermore, the company contended that the SEC had failed to establish a regulatory framework for crypto.
Emphasizing once again that the SEC has failed to provide clear rules, Alderoty stated that Gensler is the one causing non-compliance with his fundamentally baseless and stubborn attitude.
In a summary judgment dated July 2023 in the SEC-Ripple case, Judge Analisa Torres ruled that XRP is not a security in retail transactions.
In October, the SEC's charges against Garlinghouse and Larsen were also dropped.