According to Ripple’s legal chief, Stuart Alderoty’s post, in 2020, the SEC requested Ripple to acknowledge publicly that XRP was a security asset and allowed a brief window for crypto compliance.
Ripple’s legal chief, Stuart Alderoty, had disclosed the content of the Securities Exchange Commission’s (SEC) settlement proposal before the agency filed the lawsuit in December 2020.
Looking back on the third anniversary of the lawsuit, Alderoty mentioned the settlement terms proposed by the Commission before initiating the case. He explained that before suing Ripple, Chris, and Brad three years ago today, the SEC suggested a settlement: publicly declaring XRP as a security and allowing the market a brief period to “come into compliance.”
On Dec. 22, 2020, the SEC accused Ripple’s co-founder, Christian Larsen, and CEO, Bradley Garlinghouse, of conducting an unregistered digital asset securities offering, raising over $1.3 billion.
