In a recent development in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), it has been reported that no settlement has been reached between the two parties. Ripple’s CEO, Brad Garlinghouse, and General Counsel, Stuart Alderoty, have both taken to Twitter to criticize the SEC’s actions in the case.
Bill Morgan, Reacted To Recent Ripple CEO Comment Saying No Settlement
An XRP community member has reacted to recent comments by Ripple CEO Brad Garlinghouse and General Counsel Stuart Alderoty criticizing the Securities and Exchange Commission. Bill Morgan, a pro-XRP lawyer, noted that the unending criticisms from the Ripple executives against the SEC show that the blockchain company is not planning to settle with the regulator.
Morgan made this known in response to Garlinghouse’s criticism of the SEC chairman’s recent assertions.
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I guess you and @s_alderoty hammering the SEC and Gensler in recent tweets means you are not about to sign a settlement agreement, in which case hammer away. https://t.co/PCHMqH32iq
— bill morgan (@Belisarius2020) March 30, 2023
The lawsuit, which was filed by the SEC in December 2020, alleges that Ripple’s XRP cryptocurrency is a security and that the company conducted unregistered securities offering worth over $1.3 billion. Ripple has denied these allegations and has argued that XRP is a currency and not a security.
Despite ongoing discussions between the two parties, a settlement has not been reached. This has led to frustration on the part of Ripple’s CEO and General Counsel, who have criticized the SEC’s handling of the case.
Ripple CEO Accuses SEC of “picking winners and losers”
In a recent tweet, Garlinghouse accused the SEC of “picking winners and losers” and claimed that the agency’s actions were harming innovation and the US economy. Alderoty also took to Twitter to criticize the SEC’s case, calling it a “regulatory overreach” and claiming that it was based on “outdated legal theories.”
The case has attracted significant attention from the cryptocurrency industry, with many arguing that the outcome could have far-reaching implications for the regulation of cryptocurrencies in the US. The outcome of the case could determine whether other cryptocurrencies are classified as securities, and therefore subject to SEC regulation.
Despite the lack of a settlement, the case is set to continue, with both parties expected to present their arguments in court in the coming months. It remains to be seen what the outcome of the case will be, but it is clear that Ripple’s leadership team is determined to fight the SEC’s allegations and defend their company’s position.
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