On the third anniversary of the case, Alderoty revealed the contents of the settlement offer that the SEC presented to the company before filing the lawsuit. Accordingly, in 2020, the SEC demanded that Ripple publicly acknowledge that its cryptocurrency XRP is a securities asset and allow a short period of time for crypto compliance.
Ripple opposed the SEC's request, arguing that XRP is not a security. It also argued that the SEC has failed to establish a regulatory framework for crypto.
Alderoty emphasized once again that the SEC does not provide clear rules, saying that Gensler caused the non-compliance with his unfounded stubborn attitude.
The decision was against the SEC
In the SEC-Ripple case, Judge Analisa Torres ruled in a July 2023 summary judgment that XRP is not a security in retail transactions.
In October, the SEC's charges against Garlinghouse and Larsen were also dismissed.
