Ripple CEO Brad Garlinghouse said the company’s lawyers initially advised shutting Ripple down after the U.S. Securities and Exchange Commission filed its lawsuit, saying the business was beyond saving. Garlinghouse said he and co-founder Chris Larsen at one point discussed dissolving the company after distributing XRP to shareholders on a pro rata basis. Ripple CTO David Schwartz added that the SEC had also sued Garlinghouse and Larsen personally, which he said was aimed at weakening management’s resolve and pushing the company toward a quick settlement. Schwartz also suggested competitors may have played a role in driving the SEC’s enforcement action, while acknowledging that he does not have firm evidence to prove that claim. The remarks were cited by U.Today and carried by Techub.
Ripple CEO Brad Garlinghouse said lawyers told the company to shut down in the early stage of the U.S. Securities and Exchange Commission lawsuit, arguing that Ripple was beyond saving.
Garlinghouse said he and co-founder Chris Larsen had considered dissolving the company after distributing XRP to shareholders on a pro rata basis.
Schwartz says personal charges were meant to pressure leadership
Ripple CTO David Schwartz said the SEC had deliberately sued Garlinghouse and Larsen as individuals, a move he said was designed to break management’s resolve and force a quick settlement.
Schwartz also suggested that competitors may have helped drive the SEC action, though he acknowledged that he lacks conclusive evidence. The account was cited by U.Today and summarized by Techub.
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