In a revealing disclosure, Ripple’s Chief Legal Officer Stuart Alderoty shared details about a settlement offer from the SEC before their ongoing 3-year legal battle began.
According to Alderoty, the proposed SEC settlement required Ripple to publicly acknowledge that XRP was a security. It also gave a short timeframe for stakeholders to comply with securities laws.
Ripple rejected the offer, steadfast in their belief that XRP was not a security – a pivotal decision precipitating the prolonged lawsuit that followed.
The SEC officially charged Ripple over alleged XRP securities violations on December 22, 2020. A major turning point came on July 13, 2022, when Judge Analisa Torres ruled that XRP itself does not inherently qualify as a security, contradicting the SEC.
Alderoty emphasized their focus was establishing that XRP isn’t inherently a security, regardless of differing interpretations. Despite skepticism, Ripple prevailed, demonstrating commitment amid intense legal confrontation.
Alderoty highlighted how Ripple exposed the SEC’s “hypocrisy and tyranny” during litigation, referencing criticism of the SEC for prioritizing its goals over law adherence.
In essence, Ripple’s SEC lawsuit journey symbolizes resilience, challenging norms, and shaping the crypto regulatory landscape. As the legal battle continues, the crypto community eagerly awaits further developments that could transform blockchain finance.
