The fight between Ripple and the SEC continues, with Ripple standing their ground over the claims issued by the SEC against the company.
Even after being sued by the SEC, Ripple doesn’t have any intentions of settling with the SEC and is not in favor of ending the case. In regards to a tweet posted by Fox Business Network’s Charles Gasparino, the legal team working with Ripple confirmed to the news team that they are not going to be reaching for any sort of agreement with the SEC. Gasparino said that the legal team is prepared to prove that the head of the SEC, Gary Gensler, who has been leading the investigation of Ripple, has been promoting favoritism in the crypto space, choosing his own set of winners, causing harm to the path of innovation that crypto brings.
Is SEC Resisting Innovation In Crypto Space?
Following his previous tweet, Gasparino mentioned a tweet from the side of the SEC, saying that the people who are very close to Gary Gensler have said the head has no intentions of giving up power or trying to work things out with the crypto space to bring in a new set of regulations. In addition to that, Gasperino said that Gary Gensler is leaning more towards utilizing the complete power of the SEC until and unless the courts have to interfere.
Gasperino also said that the people who are in touch with Ripple have reported that the situation has led to a great deal of damage to the local business of XPR in the USA. It is also mentioned that the same business is very successful outside of the US, which leads to proof that shows that the strict policies from the SEC are the reason why innovation is lacking in the US when it comes to cryptocurrency.
This legal battle between the SEC and Ripple has been going for quite some time now. The situation developed back in last year when the SEC sued Ripple for allegedly providing securities without any license to public users. This also included two of Ripple’s top executives, Chris Larsen and Brad Garlinghouse. Garlinghouse stated that they tried to settle things with the SEC in the past, but things didn’t turn out so well. As of now, Ripple is still getting support from its shareholders.