Ripple hopes the SEC drops the charges

Mon 20 Sep 2021 ▪ 8h39 ▪ 3 min read — by Mary Anderson

Participating in the lawsuit initiated by the US Securities and Exchange Commission (SEC), Ripple’s lawyers admitted they had no clue how to resolve the conflict. They hope that the new SEC chairman Gary Gensler, who has previously expressed his readiness to support innovation, will drop the lawsuit.

Ripple doesn’t know what to do

On Friday, Fox Business correspondent Charles Gasparino reported that Ripple’s lawyers have no plans to settle the lawsuit with the US Securities and Exchange Commission. He announced this on Twitter:

Last December, the SEC sued Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP. This January, when Garlinghouse was asked why Ripple did not resolve the conflict, he replied that the exchange is doing everything to negotiate with the new SEC administration. He stressed that the company strives to ensure its customers’ safety and introduce innovations without violating the law.

Ripple supporters express hope that the new SEC chairman Gary Gensler, who previously lectured on cryptocurrency at the Massachusetts Institute of Technology (MIT), will drop the lawsuit. They think that it was Jay Clayton, the former chairman of the SEC, who initiated the conflict.

New SEC chairman recognises innovation

Last week, a hearing was held in the US Senate Banking Committee. When Senator Cynthia Lummis asked Gensler if he supported innovation, he confidently replied that he did. “Innovation is what supports access, economic activity, and give so much of us better opportunities in life,” he said.

Also, the new chairman of the SEC said that he approves of the development of Satoshi Nakamoto, Bitcoin (BTC). “His innovation spurred the development of crypto assets and the underlying blockchain technology,” Gensler said.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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