Ripple’s Chief Legal Officer says the US Securities and Exchange Commission (SEC) has taken steps in an effort to declare the digital asset XRP a security.
Stuart Alderoty say on social media platform
“Before the SEC sued Ripple, Chris and Brad (three years ago today), they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short period to ‘comply come’. .’”
Alderoty says Ripple rejected the offer for two main reasons.
“We said no because: (1) XRP is not a security, and (2) the SEC has never built a framework for crypto compliance. No matter what spin Clayton, Hinman, Gensler, or anyone else puts on this case, it has always been about one thing: proving that XRP itself is not a security.
We risked everything. Few thought we would win. But we did. In doing so, we exposed the SEC for the hypocritical tyrant that it is, and the US industry lived to fight another day. On to 2024.”
In July, Judge Analisa Torres ruled that the automated, open-market sale of XRP did not constitute a security offering, contrary to the SEC’s claims.
Alderoty too say the ruling marks a major defeat for SEC Chairman Gary Gensler.
“Biggest crypto story of 2023: Gary Gensler suffered his ‘worst loss’ when Judge Torres ruled that XRP is not a security…
Tokens themselves are not securities. That is the law of the land.”
At the time of writing, XRP is worth $0.616.
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Featured image: Shutterstock/Design Projects/Tun_Thanakorn
