Ripple wants to collaborate with Congress and regulators on sensible regulation ahead of time.
Many companies in the crypto industry, including Ripple, wish to work proactively with Congress and regulators on sensible regulation – for a digital asset ecosystem that both stimulates innovation and protects consumers, according to Susan Friedman, Ripple’s Head of Public Policy.
Many folks within crypto (@Ripple included) are looking to work proactively with Congress and regulators on smart regulation for the digital asset space that both fosters innovation and protects consumers. This isn’t the “Wild West.”
— Susan Friedman (@ss_friedman) March 1, 2022
The Ripple CEO says this while pointing out that the cryptocurrency industry isn’t as “wild west” as it is frequently portrayed. When testifying before the US Senate in late September 2021, SEC Chair Gary Gensler referred to crypto as the “Wild West” while asking for more oversight.
The SEC has accused Ripple and two key executives of executing an unregistered issuance of $1.3 billion in XRP between 2013 and 2020, which is the subject of a lawsuit.
According to Cryptolaw creator John Deaton, the court’s “largest decision in the Lawsuit” is just around the corner. The SEC is currently appealing the DPP verdict, saying that the “Estabrook notes” are privileged and seeking for reconsideration.
Ripple and the individual defendants responded to the SEC’s move for partial review and clarification of Judge Netburn’s DPP ruling over the weekend.
Updates on the SEC case involving Ripple
Ripple co-defendant Brad Garlinghouse has filed a response to the SEC’s rejection to Ripple’s earlier demand for the publication of “Estabrook notes” taken during a November 9, 2018, meeting between former SEC Commissioner Elad Roisman and the Ripple CEO.
If these notes are released, Cryptolaw founder John Deaton believes they will help Ripple’s case against the SEC. They could back up Ripple CEO Brad Garlinghouse’s claim that he left the 2018 meeting assured that continuing XRP sales were not unregistered securities, according to Deaton.
Yes, a one hour settlement discussion happened a couple of months ago.
It didn't settle which means that the next most likely settlement time would be at mediation (see arrow below) which will be hosted by the one and only JUDGE NETBURN who has seen ALL the documents in camera. pic.twitter.com/yDARTALdaf
— Jeremy Hogan (@attorneyjeremy1) March 1, 2022
Attorney Jeremy Hogan, a partner at Hogan & Hogan, recently published a document detailing a few principles that the SEC and Ripple could follow, including a settlement meeting 14 days after fact discovery is done. In a series of tweets, the XRP community-friendly attorney shared his thoughts on the Ripple lawsuit.
He points out that having Judge Sarah Netburn, who has seen all of the documents on camera, host the mediation could be beneficial to Ripple.
According to Jeremy Hogan, a settlement might be reached in April or May.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.