Ripple Tried To Settle With The Securities And Exchange Commission

According to Brad Garlinghouse, Ripple tried to settle with the US Securities and Exchange Commission and he provided more answers about the lawsuit and the XRP sales so let’s read more in today’s Ripple news.

According to Ripple CEO Brad Garlinghouse, Ripple tried to settle with the US SEC but to no avail. Back in December, the SEC filed a .
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3 billion lawsuit against Ripple and the co-founder Chris Larsen as well as Brad Garlinghouse for their alleged role in selling XRP. In a press release, the SEC said:

“The defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.”

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 referred to Ripple’s attempts to settle with the litigation and stated that he cannot get into specifics but they tried and will continue trying the new administration for it to resolve the issue in a way for the XRP community to continue innovating and to protect the consumers as the markets are preserved. The CEO attempted to answer questions about whether Ripple had paid some exchanges to list XRP and said that Ripple has no control over where the coins are listed and who owns them. This however wasn’t enough for observes including Anderson Kill partner Hailey Lennon who responded:

“So is that a no?”

Q: Why didn’t Ripple settle with the SEC?

Can’t get into specifics, but know we tried – and will continue to try w/ the new administration – to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved. 2/10

— Brad Garlinghouse (@bgarlinghouse) January 7, 2021

Other questions still remain unanswered. Ripple will have a chance of answering them soon with a pre-trial conference is scheduled for next month. Why Ripple hasn’t responded to the SEC, Garlinghouse explained:

“The legal process can be slow! Things may seem quiet, but there is plenty happening behind the scenes. We’ll be filing our initial response within weeks.”

As reported a day ago in our XRP news, Ripple started a fresh upwards movement after forming a support base of $0.2150 against the US dollar with the price now trading well above the $0.2500 and the 100 simple moving average. There’s also a key bearish trend line forming with the resistance near the $0.3550 zone on the 4-hour charts of the pair. The pair spiked to test the trend line that is now retreating towards the $0.2750 level. After the sharp decline, ripple’s XRP price started a consolidation phase above the $0.2000 level but the support base was initially formed near the $0.2150 level before the price started a strong increase.