David Schwartz, the Chief Technology Officer at Ripple Labs has once again dropped a hot take on the ongoing XRP lawsuit involving the United States SEC and Ripple.
This time around, Schwartz posted a cryptic message, divulging how the Silicon Valley tech company is surviving amid the longstanding heated court battle where the SEC contends that Ripple sold XRP as an unregistered security.
Also, the Ripple CEO implied that Ripple is at a crossroads as the company is faced with the decision of pursuing its vision or doing what needs to be done for survival.
Referring to Ripple, Swchartz wrote, “When a scrappy financial startup takes on a web of corruption and betrayal to bring instant payments to the masses, they learn that the cost of disrupting the status quo is higher than they could ever have imagined, forcing them to decide between their vision and their survival.”
Notably, Ripple has been fighting with the United States Securities and Exchange Commission for more than two years over the classification of the XRP token. The XRP lawsuit began in December 2020.
Considering recent comments made by Ripple General Counsel Stuart Alderoty and Attorney John Deaton, the case may not be concluded by mid-2023 as earlier speculated by Ripple CEO Brad Garlinghouse.
The SEC claims XRP is a security but Ripple contends that XRP’s purpose would be impaired if it is labeled a security when its functionality, liquidity, and distribution shows outright incompatible with securities requirements.
Beyond proving that XRP is not a security as claimed by the SEC, Ripple noted that they are fighting for the good of the entire crypto industry. A win for Ripple would compel the financial regulators to issue clear regulations for the emerging industry.
In turn, this would foster development in the crypto industry while causing blockchain developers to continue operating in the United States, Coinbase CEO Brian Armstrong said when he criticized the securities watchdog for attacking Kraken and threatening Paxos with a lawsuit over BUSD.
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