Ripple has tried to settle claims by the US Securities and Exchange Commission (SEC) ahead of litigation and plans to continue working with its new management, CEO Brad Garlinghouse said. Together with Legal Counsel Stuart Alderota on Twitter, he answered questions about the current situation. On December 22, the SEC filed a lawsuit against Ripple, accusing the company and its management of selling more than $ 1.3 billion in unregistered securities.
I’m not going to litigate the SEC’s unproven allegations on Twitter, and as you can imagine, there are new considerations to what can / should be said publicly after the litigation process starts. However, I would like to address 5 key questions I’ve seen. 1/10
– Brad Garlinghouse (@bgarlinghouse) January 7, 2021
Garlinghouse and the Alderots state that all events are now taking place behind closed doors, and Ripple and other defendants are taking certain actions, even if they do not advertise it.
“Our entire team of lawyers will introduce themselves soon. We will file a response to the unproven SEC allegations within a few weeks, ”Alderota wrote.
“No one is silent, and we are not going to give up,” added Garlinghouse.
He also highlighted five key, in his opinion, issues in this case.
“I can’t go into details, but we have tried and will try to solve this problem in such a way that the XRP community can continue to evolve, consumers are protected, and organized markets are preserved,” he wrote.
Ripple’s CEO refused to answer the question of whether the company paid the exchanges for XRP listing unambiguously.
“Ripple has no control over where XRP circulates, who owns it, and so on. It is a decentralized open source project, ”Garlinghouse said.
In doing so, he acknowledged that Ripple legally provided incentives to some customers to use its products, which, he said, is a basic element of the formation of a payment network.
The preliminary court hearing in the SEC v. Ripple case is set for February 22.
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