David Schwartz, co-creator of XRP and CTO of Ripple, has just posted a cryptic message on Twitter. The note addresses the lawsuit filed by the U.S. Securities and Exchange Commission against Ripple, alleging that the company sold XRP as an unregistered security for years.
In a recent statement, Ripple co-founder Chris Schwartz provides an overview of Ripple’s journey so far and highlights two options for the company: to either fight for their principles or prioritize their survival.
In December 2020, the SEC filed a lawsuit against Ripple. The outcome of the ongoing legal case in federal court between Ripple and the SEC remains uncertain. Ripple’s decision to settle or pursue the case to a verdict could have significant implications for the future of cryptocurrency usage in the United States.
A deal with the SEC is not on the table, according to Ripple CEO Brad Garlinghouse‘s statement from a month ago. He stated they had expressed a desire to settle the ongoing legal battle with the SEC, but the essential requirement is that XRP is not considered a security moving forward. He noted that the SEC’s stance on cryptocurrencies as securities, which has been expressed by Gary Gensler, leaves very little room for a settlement.
According to Ripple’s legal team, the lawsuit against them is based on an unprecedented and flawed legal basis. They argue that XRP cannot be considered a security due to its functionality, liquidity, and distribution, making it incompatible with securities legislation. The team has presented this argument in court to defend Ripple against the lawsuit
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