As the legal battle between the United States Securities and Exchange Commission, and blockchain payments company Ripple rages on, the company is hoping that crypto-friendly MIT professor Gary Gensler, who’s set to be confirmed as the new SEC chairman at the end of this month, will finally provide clarity over whether or not XRP is a security.
Speaking at a Bloomberg interview about whether there’s a prospect of settlement, Ripple CEO Brad Garlinghouse said he hopes to have a conversation with the new administration. He said:
“I’m hopeful that, as a new administration comes in to the SEC, there’s an opportunity to revisit some of these conversations…There is an opportunity to have a conversation with new leadership as he brings his team in, and what can be done for Ripple and really for the whole crypto industry.”
Garlinghouse continued to echo his past comments regarding the lawsuit, stating the SEC’s complaint brought by former SEC chair Jay Clayton in late December, made no sense because the popular altcoin had been trading for more than eight years.
The lawsuit has been ongoing for more than three months now, and the company’s co-founder Chris Larsen has said Ripple will be fighting the suit “vigorously.”
“Indeed, we do intend to fight it vigorously. From our point of view, what has happened here isn’t just a lawsuit against Ripple, it’s really against the crypto industry at large,” he said previously.
Gary Gensler has indeed been considered by many as a beacon of hope for the entire crypto industry. During his March 2 confirmation hearing, he spoke in favor of cryptocurrencies and even called Bitcoin “a catalyst for change.” In addition, he said that the SEC must focus on eliminating scams and fraudulent activities to make the cryptocurrency market a safer place for investors, one of the SEC’s core duties.
Meanwhile, US judge Sarah Netburn has asked Ripple and the SEC to hold “a telephonic discovery conference on Tuesday, April 6, 2021,” as part of a motion to compel filed by Ripple’s legal representatives. The motion also alleges that the SEC failed to produce documents that relate to XRP’s legal status.