Last night the Wall Street Journal (WSJ) reported that Ripple is expecting to be sued by the Securities and Exchange Commission (SEC). CEO Brad Garlinghouse said that yesterday the SEC had informed the firm of plans to launch litigation. The heart of the lawsuit will relate to XRP and the fact that it was never registered as a security.
“They’re wrong in matter of law and fact,” Garlinghouse told the WSJ. Ripple has published a document stating why they believe this is so.
On Twitter, Garlinghouse stated, “Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit U.S .innovation in the crypto industry to BTC and ETH.”
He continued: “The SEC – out of step with other G20 countries & the rest of the U.S. govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning.”
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