Ripple Inc is undergoing turbulent times ever since the United States Securities and Exchange Commission has filed a lawsuit against the firm for selling unregistered securities in the countries. The CEO of the firm Brad Garlinghouse took to Twitter to clear several questions about the SEC Lawsuit.
The Ripple CEO provided answers to “Five Key questions” around the current issue.
Brad Garlinghouse Talks About SEC Lawsuit
Ripple had earlier said that it is ready to engage with the SEC authorities to fight the case filed against it. The CEO itself took to Twitter this week and addressed the XRP community’s doubts, highlighting that the firm is trying to settle the case through discussion with the new administration. Brad Garlinghouse and General Counsel Stuart Alderoty answered the various questions about the lawsuit.
The lawsuit has impacted the reputation of XRP token badly, and a barrage of exchanges suspended XRP operations on their platforms after the lawsuit news broke out. KuCoin, Coinbase, Beaxy, Kraken had ceased the XRP transactions, which plummeted the price of XRP token. Alderoty said that “Our full legal team will announce themselves shortly, and we’ll be filing our initial response to the SEC’s unproven allegations within weeks.”
They highlighted that the firm is looking to the settlement with the new administration and answered queries relating to paying exchanges to list and allow XRP transactions. He said that he could not get on to specific but have tried and continue to try settlement. They want to resolve the issue so that the “XRP community can continue innovating, consumers are protected, and orderly markets are preserved” . He also added that since the XRP token is decentralized, the firm does not have the control over listing and delisting of the token by various exchanges. Tetragon, a leading Ripple Investor, had also filed a lawsuit to acquire Ripple to redeem the Series C preferred stock.
SEC and Ripple meet in February for a pretrial conference. The conference would be held by the New York Southern District Court, which the involved parties would attend virtually over the phone.
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