SEC is “Dead Wrong” about Ripple, says former SEC Chair Mary Jo White

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 “As a former U.S. attorney and SEC chair, you know that when it takes that long to figure out a case you probably shouldn’t be bringing it. It’s not something I would do walking out the door,” she said.

The SEC alleged Ripple CEOs of illegally selling XRP

The SEC lawsuit argued that senior executives including Chris Larsen and CEO Brad Garlinghouse profited from selling XRP for their personal benefit. The U.S. agency added that Ripple’s goal has been to lure investors into buying XRP as a speculative investment.

However, White responded that the argument is misleading and that the Securities and Exchange Commission’s failure to develop a regulatory framework for cryptocurrency has pushed it to “fit a round peg in a square hole.” White wanted to prove her point — saying that the Securities and Exchange Commission also declared that Ethereum is not a security.

In conclusion, the SEC lawsuit against Ripple doesn’t seem like it will be resolved soon. White suggested that a summary judgment from a federal court should happen in October to be able to solve the case.