Ripple seeks to work proactively with Congress and regulators on smart regulation
Ripple Public Policy Manager Susan Friedman states that many entities in the crypto space, including Ripple, seek to work proactively with Congress and regulators on smart regulation – for a digital asset space that both fosters innovation and protects consumers.
The Ripple exec says this while noting that the cryptocurrency sector ”isn’t wild west” as it is often claimed to be. In late September 2021, SEC Chair Gary Gensler – while arguing for greater oversight of crypto – called the sector the “Wild West” when he testified before the U.S. Senate.
Ripple is in the midst of a lawsuit with the SEC as the agency accused Ripple and two senior executives of conducting an unregistered $1.3 billion offering of XRP between 2013 and 2020.
The court’s “biggest decision in the Lawsuit,” according to Cryptolaw founder John Deaton, is around the corner. The SEC is currently arguing the DPP ruling by asking for reconsideration while claiming that the ”Estabrook notes” are privileged.
Over the weekend, Ripple and the individual defendants filed their opposition to the SEC’s motion for a partial reconsideration and clarification of Justice Netburn’s DPP decision.
Updates in Ripple SEC case
The latest update in the lawsuit has Ripple co-defendant Brad Garlinghouse filing a response to the SEC’s opposition to an earlier motion from Ripple seeking the disclosure of ”Estabrook notes” taken during a Nov. 9, 2018, meeting between former SEC Commissioner Elad Roisman and the Ripple CEO.
Cryptolaw founder John Deaton believes these memos, if produced, could bolster Ripple’s case against the SEC. They can corroborate Ripple CEO Brad Garlinghouse, who left the 2018 meeting convinced that the ongoing sales of XRP were not those of unregistered securities, Deaton said.
Attorney Jeremy Hogan, a partner at the Hogan & Hogan law firm, recently posted a document outlining a few rules that the SEC and Ripple might follow, including a settlement meeting 14 days after fact discovery is completed. The XRP community-friendly attorney provided his thoughts on the Ripple case in a series of tweets.
He notes that Judge Sarah Netburn, who saw all the documents on camera, hosting the mediation could work to Ripple’s advantage.
Jeremy Hogan stated that he believes a settlement might be reached in April or May.
