Ripple Legal Team: No plans to settle lawsuit with SEC

Ripple Labs’ legal team said that there is no intention to reach a settlement in their lawsuit with the U.S. Securities and Exchange Commission.
The top US financial regulator alleges that Ripple has been selling XRP as an unregistered securities since 2013.
The legal battle began in December 2020 AND provides clarity on how much authority the SEC has over regulating the USD 2.2 trillion crypto market.
The lawsuit was filed over alleged violation of the securities laws by failing to register XRP cryptocurrency as a security.
The lawsuit not only was a bad surprise to Ripple, but also added more confusion to an already complicated regulatory conversation on whether cryptocurrencies should be considered securities, commodities or something else.
If cryptocurrencies are to be registered as securities, as per court precedents, they must be approved and regulated by the SEC which demands various company disclosures.