Ripple Rejects SEC’s Offer to Declare XRP a Security, Says Chief Legal Officer
Ripple’s chief legal officer, Stuart Alderoty, revealed that the U.S. Securities and Exchange Commission (SEC) approached the company with a settlement offer before filing a lawsuit against them. According to Alderoty, the SEC proposed that XRP be declared a security and gave the market a brief period to comply. However, Ripple declined the offer for two main reasons. Firstly, they believe that XRP is not a security, and secondly, the SEC has not established a framework for crypto compliance. Alderoty states that their victory in court exposed the SEC’s hypocrisy and allows the industry to continue fighting. Judge Analisa Torres recently ruled that XRP sales do not constitute security offerings.
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