Ripple's (XRP) Chief Legal Officer Stuart Alderoty revealed that the firm rejected a settlement offer from the U.S. Securities and Exchange Commission (SEC) three years ago.
The SEC has proposed declaring Ripple's XRP coin a security and giving it a short period of time to adjust to the market.
According to Alderoty's statement, Ripple rejected the offer, standing firm on two key points: first, their belief that XRP is not a security, and second, their claims that the SEC has failed to create a framework for cryptocurrency compliance.
Despite the high risks and widespread skepticism about their chances of success, Ripple chose to fight the case, according to Alderoty. Their goal was clear: to show that XRP is not inherently a security.
According to the manager, the risk paid off. Ripple triumphed by managing to expose what Alderoty described as the “hypocritical tyranny” of the SEC. This landmark case not only vindicated Ripple, but also breathed new life into the US cryptocurrency industry.
*This is not investment advice.
