There is a probability that the long-pending lawsuit dispute between Securities & Exchange Commission and Ripple Labs can be amicably resolved, however, the defendant i.e. Ripple does not want amicable resolution as it has high hopes stemming from the end of the litigation which could bring in front ground-breaking revelations of greater public interest.
There is a sense of certainty amongst executives of Ripple Labs that Securities & Exchange Commission (SEC) might withdraw its lawsuit against Ripple. Ripple and its executives genuinely believe that Chairman SEC must have come to realize by now that filing of lawsuit was bad. However, if such a possibility ever arises, then Ripple has clarified that it will not be willing to take it. Instead, the company would want to proceed with the litigation for reaching its inevitable end. But Ripple is convinced that the final verdict is going to have enough for the greater public interest.
The team of attorneys representing Ripple Labs in the case have confirmed that they don’t want to settle the ongoing dispute. This very fact was duly disclosed by a journalist of Fox Business, Charles Gasparino. It was mentioned by Gasparino that Ripple’s team of lawyers are not in a mood to settle the litigation through amicable resolution. Instead, the team is confident that by now the Chairman of SEC must have realized the mistake done by his predecessors. They are sure that Gensler might be thinking that pursuing the case any further would not be in the best interest of SEC itself.
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The SEC dispute against Ripple stemmed from the selling of virtual currency XRP which was developed by Ripple Labs. It was filed in the US Court in the month of December, 2020 by the then management of SEC. The three main defendants in the suit were Ripple, founder of Ripple, Chris Larsen and its CEO namely Brad Garlinghouse. The dispute is one of the most prominent dispute of the time in the history of crypto. However, it could have been settled, if Ripple would have wanted. But Ripple had other plans and it wanted to bust the nepotism and corruption within the SEC.
In pursuance of the lawsuit, SEC claimed that Ripple’s virtual currency, XRP was “securities” and denied it being a “virtual currency”. On the other hand, Ripple argued that the very concept of XRP is derived from the concept of Bitcoin and/or Ethereum. If Bitcoin and Ethereum are accepted as “virtual currencies” by SEC then what makes “XRP” different from both of them. Obviously, the issue required investigation which would lead to the personal involvement of SEC’s past officials and reveal their favoritism, claims Ripple.
In this regard, XRP was succeeded also to summon records relating to Ethereum and Bitcoin through court orders. However, the records haven’t been provided by SEC in defiance of the Court orders. Ripple is more than convinced that the summoned documents hold vital importance in the passing of the final judgment.