Ripple CEO Brad Garlinghouse revealed his stance on social media against Gary Gensler, Chairman of the US Securities and Exchange Commission. In response to a 2018 video in which the SEC chairman outlined the company’s key need for regulatory clarity, he sarcastically said he “loves Twitter.”
i love twitter
— Brad Garlinghouse (@bgarlinghouse) September 17, 2021
According to a series of tweets posted by Garlinghouse in early January, Ripple tried to settle with the SEC and was unsuccessful. Ripple’s legal team initially implied that the lawsuit, filed by former SEC Chairman Jay Clayton in the final days of his term, was politically motivated. Later, the company was hopeful that Gensler might turn the tide of the case. We can say that not only the company but the entire crypto community had such an expectation.
But despite being quite knowledgeable about crypto and blockchain, Gensler has taken a tougher stance towards cryptocurrencies. After the SEC chose to advance the Ripple case, the XRP community was disappointed by the new senior official.
No deal plan
The company’s legal team told Fox Business’s Charles Gasparino that Ripple has no plans to settle, as the lawyers are confident they will win the case based on their “fair notice” defense.
BREAKING: @Ripple‘s legal team tell @FoxBusiness they have no plans to settle w @SEC_Enforcement over lawsuits on XRP, confident they can show @GaryGensler in pursuing the case is picking winners and losers in the #Crypto business to the detriment of innovation. Story developing
— Charles Gasparino (@CGasparino) September 17, 2021
John E Deaton, a lawyer seeking to intervene in the case on behalf of XRP holders, also stated that a settlement is “very unlikely” until the court decides on the issues that remain unclear.