While the CEO described the news as “incredibly frustrating”, he also underlined his willingness to fight.
Garlinghouse tells Ripple employees that they should not be worried about the lawsuit, which is just the beginning of a legal battle that it expects to continue for a long time:
“What I don’t want is that you worry. We will overcome this and win our case in court. We have an outstanding legal team and as I said, we are in the early stages of law on litigation. However, know that the legal system is slow and this is only the beginning of a long, civilized process. “
Case for Ripple is “pretty bad”
The SEC announced its charges against Ripple on December 23, blaming Ripple for making an estimated $ 1.3 billion in sales via an “unregistered” XRP offer.
The consensus among cryptocurrency lawyers points to the fact that the case will mean nothing more than to be tolerant. Jake Chervinsky, Compound’s general counsel, says the complaint is “pretty bad” for Ripple:
“This is pretty bad for Ripple. But it’s not exactly the worst case. Because this is securities fraud, but an accusation close to this. XRP is basically useless if considered a security. In the process until today, the allegation of violating the law becomes a fatal hit. “
The aforementioned note states that the two managers have the option to deal separately, but instead chose to fight aggressively. Brad uses the following statement at this point:
“We could agree and it would all be left behind. However, we do not choose this option. Chris and I have so much confidence that we’re right. We will fight aggressively and prove our rightfulness. Through this case, we will learn the clear rules of the road for the industry in the USA. “