“The SEC’s multi-front attempt to troll through the Individual Defendant’s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, is a wholly inappropriate overreach,” the pair’s lawyers said in March 11 filing.
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Ripple CEO Brad Garlinghouse tells Axios that the SEC lawsuit is bad for the whole U.S. crypto industry (Photo: Axios on HBO)MoneyGram and Ripple part ways over XRP lawsuit
The split comes a day after Ripple CEO Brad Garlinghouse said that ‘even if Ripple goes away, XRP will keep trading’
The move is the latest fallout from the U.S. Securities and Exchange Commission’s lawsuit against Ripple, its executive chairman Chris Larsen, and Garlinghouse. The suit says that the $1.3 billion in XRP sales made by Ripple over the past eight years, with $600 million made by the two executives, were illegal sales of securities.
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Despite SEC lawsuit, Ripple thriving in Asia Pacific: Brad Garlinghouse
Ripple’s CEO says the company has signed up 15 new clients since the U.S. Securities and Exchange Commission sued it for illegal securities sales
Outside the U.S., Ripple has “been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” Garlinghouse added. “We’re seeing the activity of XRP liquidity has grown outside the United States and continue to grow in Asia, certainly in Japan.”
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Rippe CEO Brad Garlinghouse says he's spoiling for a fight with the SEC, but a filing suggests the company might pay to make it go away (Photo: Leo Jakobson)Ripple angling to settle SEC lawsuit?
Charged with selling XRP as an illegally unregistered security, the international payments firm has been pugnacious but said it was open to settling in a filing released Monday
Previous discussions took place under former SEC chair Jay Cayton and his top lieutenants, whereas the new acting SEC chairman, Gary Gensler, has a more positive outlook, as well as a much deeper understanding of cryptocurrencies and the underlying blockchain technology. Gensler spent the last few years teaching cryptocurrency and blockchain at MIT, and has been a fixture at industry events.
