Ripple is confident that the US Securities and Exchange Commission (SEC) will drop the ongoing lawsuit. The legal team added that the Chairman of SEC will not detriment the crypto market by picking losers and winners. The SEC sued Ripple over the sale of XRP last year.
In December 2020, SEC sued the CEO of Ripple, co-founder Chris Larsen, and Ripple labs over the sale of XRP. In January 2021, the CEO was asked why they did not settle with SEC. In response, he said that can’t go to specifics but we tried and will try to resolve this issue with the new management of SEC so that Ripple can continue innovating. Ripple is confident about it.
Ripple is confident. why?
Ripple’s legal team tells 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.
Gary Gensler, the Chairman of the US SEC, had taught crypto at MIT (Massachusetts Institute of Technology). So, the supporters of XRP believe that Gensler will throw away the lawsuit because the previous Chairman had a conflict of interest with Ripple and XRP.
The Chairman of the SEC is the man who believes in innovation. He admitted it in the last week’s meeting with the senators. He responded to a question saying that innovation is what provides access, increases economic activity, and makes life better.
These are the main reason why the Ripple community and legal team think they will be out of this lawsuit soon. For more interesting content click here.