CEO Ripple filed for SEC suit - Kakiforex | Forex markets for the smart money. CEO Ripple filed for SEC suit CEO Ripple filed for SEC suit

March 4, 2021

CEO Ripple filed for SEC suit

 Ripple CEO Brad Garlinghouse has filed an application to drop the lawsuit filed by the United States Securities and Exchanges Commission (SEC) last December.


The revelation was uploaded via Twitter by Garlinghouse today and the application was addressed to Federal Judge Analisa Torres.


In the letter, Ripple claimed that the SEC had filed a litigation action against Garlinghouse which was considered a violation of the rules and the charges in the petition were clearly invalid.



Following the allegations, Garlinghouse's attorney claimed that the SEC had no knowledge of the offense and failed to prosecute accurately.


"The SEC deliberately showed Garlinghouse knew or ignored the fact that he was involved in improper action and assisted Ripple in the offense."


The application also outlines the final decision regarding the acceptance of XRP by the Financial Crime Enforcement Network (FinCEN) as a virtual currency in 2015, which is different from the SEC's stance that places XRP as unregistered securities.


The SEC's allegations against Garlinghouse's transactions in the US are also inaccurate because based on the evidence stated in the application found Garlinghouse making transactions on foreign exchange.