Ripple says it will fight the SEC lawsuit 'all the way through'


In 2020, the U.S. SEC accused Ripple and its co-founders of breaching securities laws by selling its native cryptocurrency XRP without first registering it with the SEC.


U.S.-based cryptocurrency company Ripple says it's planning to fight the ongoing lawsuit with the U.S. Securities and Exchange Commission "all the way through.""We are planning to continue to fight the case all the way through," Monica Long, Ripple's president, told CNBC on Monday.


The lawsuit between Ripple and the SEC has stretched for nearly three years.In 2020, the SEC accused Ripple and its co-founders of breaching securities laws by selling $1.3 billion of its native cryptocurrency XRP without first registering it as a security.


Ripple disputed the claims, insisting XRP cannot be considered a security and is more akin to a commodity. In July, a landmark ruling by U.S. District Judge Analisa Torres determined the token was not necessarily a security."We also got clarity in that lawsuit. And the judge's order in that case said very clearly XRP in and of itself is not a security, which kind of opens the doors to us to really expand our business — not just in the U.S. but even more globally," said Long.


Ripple's legal team said in a filing the SEC's request for an appeal largely stemmed from "dissatisfaction" with the judge's ruling that the XRP token did not qualify as a security for sales to retail investors.Ripple's president told CNBC the company is seeking to "operate above board" and comply with regulators. In June, Ripple received in-principle approval to offer regulated crypto services from the Monetary Authority of Singapore.


"We've always been very engaged with regulators, policymakers, and it's just a part of our DNA. When we build [a] product, compliance is in the room. They have a seat at the table," said Long.


On Friday, Ripple said it will acquire crypto infrastructure startup Fortress Trust for an undisclosed sum. This follows its acquisition of Swiss crypto custody services firm Metaco in May.


"So the point on trust, we totally appreciate that to be a player in finance, and we're now a regulated financial services provider with these licenses," said Long. "You got to always operate above board." 


Source : CNBC / September 13, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.