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Ripple SEC

Lawyer Gives Reasons Why The SEC Won’t Drag Ripple Founders Through A Trial

Scott Matherson
by Scott Matherson
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

There have been speculations that the US Securities and Exchange Commission (SEC) could drag Ripple Labs’ founders into the regulator’s long-running legal battle against their company. However, pro-XRP legal expert Fred Rispoli has outlined why this is unlikely.

SEC Unlikely To Sue Ripple Founders

Rispoli stated in a tweet that the SEC is unlikely to pursue a trial against Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen for “many reasons.” 

Related Reading: Mysterious Owner Behind $3 Billion Bitcoin Wallet Has Finally Been Exposed

The agency had accused Ripple Labs of selling unregistered securities back in 2020. But although it highlighted Garlinghouse and Larsen as integral to the wrongdoing, it never brought an action specifically against the duo.

It is not unusual for the SEC to bring actions against top executives whenever it files a suit against a defaulting company. In April this year, the Commission sued crypto exchange Bittrex and its former CEO, William Shihara, for operating an unregistered securities exchange.

However, Rispoli believes that the SEC only threatened a lawsuit against Garlinghouse and Larsen to pressure the company into a “weak settlement position” and did not intend to maintain a suit against them. 

He noted that the trial was also unlikely as the SEC would not want a situation where its credibility is questioned, which he believes could happen if former SEC Chair Jay Clayton and former SEC Director William Hinman are called to the witness stand.

Rispoli’s position may have something to do with the Himman documents, highlighting the agency’s questionable practices and possibly corruption. It is believed that Himman may have been influenced by external forces when he stated that Ether was not a security.

Ripple (XRP) price chart from Tradingview.com (SEC trial)

XRP price ranging at $0.52 | Source: XRPUSDT on Tradingview.com 

SEC Has A Weak Case

As part of his arguments as to why the SEC is unlikely to sue Garlinghouse and Larsen, Rispoli stated that the Commission will find it hard to prove that the executives were reckless in terms of institutional sales as they can raise a defense that these sales were programmatic (something which Judge Torres had ruled didn’t constitute an investment contract).

The lawyer further highlighted that the SEC doesn’t have sufficient evidence to differentiate between domestic and international sales when putting forward its case.

Related Reading: Here’s What Cardano’s Charles Hoskinson Believes Is Driving The SEC’s Crypto Crackdown

Rispoli noted that the regulator just reorganized most of its trial team, which could signify that it doesn’t have enough manpower to handle an additional lawsuit involving Garlinghouse and Larsen.

The SEC had moved to file an interlocutory appeal following Judge Analisa Torres’ ruling in favor of Ripple Labs. But Rispoli believes this is a “Hail Mary” move from the Commission as it had no “bargaining chips” left if the appeal had not been approved. 

Featured image from Yahoo Finance, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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