The Securities and Exchange Commission (SEC) is in the spotlight once again in relation to Ripple, and not for the right reasons. This time, Ripple’s Chief Legal Officer (CLO) has made some revelations as it pertains to the Commission and how they tried to box the crypto firm into a corner.
The SEC Initially Offered To Settle With Ripple
In a post on his X (formerly Twitter) platform, Ripple’s CLO Stuart Alderoty revealed that the SEC had offered to settle with the crypto firm before the Commission commenced the lawsuit against them. Alderoty’s revelation happened to come on the anniversary of the commencement of the suit as the Commission sued Ripple and its executives on December 22, 2020.
As part of the settlement terms, Ripple’s CLO mentioned that the SEC had told the crypto firm that it would announce to the market that XRP is a security. Once that was done, the Commission was then going to give the market a short window to “come into compliance.” Ripple, however, declined these terms and instead chose to battle the regulator in court.
Alderoty also revealed why Ripple made this decision rather than taking what many will consider a less expensive option, considering how much money is usually spent on lawsuits. According to him, the crypto firm did this because they were certain that XRP wasn’t a security and the fact that the SEC had not built a
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Author: Scott Matherson
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