Will XRP & SEC settle in 2022?

Brad did state that he wouldn’t settle unless there’s clarity. Both the SEC and Ripple Labs, the company behind the ripple ( XRP) cryptocurrency, had until 30 November 2022 to submit a reply in support of their summary judgment motions, which were made public on 2 December 2022.

Is XRP a securities?

Ripple was advised by the law firm to obtain clarity with the SEC as to whether XRP was a security under federal securities laws. However, SEC said Ripple and Larsen did not heed the legal advice and did not contact the SEC to clarify the legal standing of XRP before engaging in a large-scale distribution.

Why did XRP get sued by the SEC?

Ripple's founders created XRP in 2012. The SEC sued the San Francisco-based company and its current and former chief executives in December 2020, alleging they have been conducting a $1.3 billion unregistered securities offering since the token's creation.

Is Ripple XRP a security?

On 20 February 2023, Ripple's Chief Legal Officer, Stuart Alderoty, said that he expected his company would, ultimately, be successful again the SEC's claim that its XRP cryptocurrency was a security.