While almost all the prime cryptocurrencies are either gaining or moving forward steadily, Ripple still is in hot waters.
As the lawsuit filed against Ripple is shattering the communities’ trust in it, Ripple is trying hard to gain or rather prevent people’s trust from diluting. Earlier, they filled a petition with the White House, which argues that Ripple’s XRP is a currency, not security.
Though Ripple had been silent since the 22nd of Dec when Ripple’s CEO Brad Garlinghouse hinted at the lawsuit, now CEO Brad Gralinghouse has spoken again. He answered a few frequently asked questions about the Ripple/SEC saga.
Firstly Garlinghouse addressed the sentiment: why Ripple does not settle the issue with SEC outside the court? He stated that they did have to try to resolve the matter directly with SEC but it failed, and still in the near future, they will continue to work on that with the new coming Biden administration. So that the matter can be resolved in a way that does not hinder the innovation of the XRP community, protect its users, and the market environment is preserved.
He also criticized the absence of a single uniform policy with regard to the crypto market as he stated “We’ve moved from lack of regulatory clarity to regulatory chaos in the U.S.” Further, Garlinghouse remarked about the investor’s faith in Ripple and asserted that they do have real shareholders and scrutinize the investment firm Tetrgon for filing a petition against ripple, seeking the court to freeze Ripple’s liquidity and tweeted that “Tetragon (who owns 1.5% of Ripple) is seeking to unfairly advantage itself through the SEC’s allegations.”
Lastly, Garlinghouse encouragingly tweeted:
“No one is being silent, nor will we give up this fight. We’re on the right side of the facts and of history, and look forward to our day in court – as well as engaging with the new SEC leadership once appointed.”
And that’s what I have for you today! No one is being silent, nor will we give up this fight. We’re on the right side of the facts and of history, and look forward to our day in court – as well as engaging with the new SEC leadership once appointed. 10/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
The SEC and Ripple are scheduled to meet at a first pretrial conference on 22nd Feb 2021 as directed by the U.S. District Court of the Southern District of New York.