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Ripple CEO Says Firm Tried to Settle With the SEC

Brad Garlinghouse took to Twitter to answer burning questions about the SEC's lawsuit regarding XRP sales.

2 min read
Ripple is dedicated to growing the XRP ecosystem. Image: Shutterstock.

According to Ripple CEO Brad Garlinghouse, his firm has tried to settle with the Securities and Exchange Commission, to no avail.

In December, the SEC filed a $1.3 billion lawsuit against Ripple, Garlinghouse, and co-founder Chris Larsen for their alleged role in selling XRP.

In a press release, the SEC said, "The defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws."

Today, in a Twitter thread, Garlinghouse referred to Ripple's attempt so settle the litigation, stating, "Can’t get into specifics, but know we tried—and will continue to try [with] the new administration—to resolve this in a way so the XRP community can continue innovating, consumers are protected and orderly markets are preserved."

The CEO also attempted to answer questions about whether Ripple had paid exchanges to list XRP, stating, "Ripple has no control over where XRP is listed, who owns it, etc."

That wasn't enough for some observers, including Anderson Kill partner Hailey Lennon, who responded with, "So is that a no?"

Other questions remain. And Ripple will have a chance to answer them soon. A pre-trial conference is scheduled for next month. As to why Ripple hasn't yet responded to the SEC, Garlinghouse said,

"The legal process can be slow! Things may seem quiet, but there is plenty happening behind the scenes. We’ll be filing our initial response within weeks."

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