Real Vision CEO Believes XRP Lawsuit Will Be Resolved Positively• October 9, 2022 3:44 pm • Comments
Former Goldman Sachs executive Raoul Pal just shared his positive thoughts on the current status of the lawsuit between Ripple and the SEC.
Pal was an executive in the traditional finance space before he became founded the firm Real Vision and believes that XRP is currently bullish.
This isn’t the first time he has taken a positive stance on crypto as he had shared back in 2020 that he believed that Bitcoin alone could have a $10 trillion valuation one day.
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He explains that such an enormous valuation is actually not crazy because it serves as more than just a currency or a store of value.
In addition to those use cases, it may essentially be the future of how mediums of exchanges will be done.
— CryptoGlobe (@CryptoGlobeInfo) October 8, 2022
CryptoGlobe.com shares his thoughts on the current Ripple case:
As you may remember, on 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Anyway, on Friday (October 7), during an “Ask Me Anything” session streamed on the “Real Vision Finance” YouTube channel, according to a report by The Daily Hodl, Raoul had this to say about XRP:
“I’m long a bit. I think it’s like a special situation, and I think the court case gets resolved positively, and it goes up… It’s actually a very used protocol.
By using Metcalfe’s Law, it’s pretty decent. The only thing – Americans can’t invest in it because it got taken off the exchanges…
Stuart Alderoty, the General Counsel of Ripple, also shared his real time thoughts and commented that the SEC’s policy of regulation by enforcement is a failed policy.
Essentially, it creates uncertainty and unnecessary risk within the crypto markets which ultimately hurts retail investors.
This goes against the opposite of the SEC’s intended goal which is to protect retail investors.
The timing of the revelation of the Ripple lawsuit was also something to consider given that it was filed the last day of when Jay Clayton was still the chair of the SEC.
He chats about the @SECgov case, saying the agency is "seeking to remake the law, and they don't have the power … only Congress can."
— CoinDesk (@CoinDesk) September 22, 2022
CryptoGlobe shares the details:
So why Ripple? I’m not really sure. I think we can all venture a bunch of different guesses.
Maybe the SEC was tired of playing whack-a-mole with some smaller tokens, and they felt that if they could go after Ripple and indirectly attack the digital asset XRP, which Ripple relies on to facilitate its cross-border payments, maybe they thought that they can send a broader message to the entire market.
“But I think what they’ve learnt is that if you challenge a well-resourced company, that well-resourced company can put on a very robust defence and really expose the SEC that what they’re doing in this case is not applying the law. It’s not a faithful allegiance to the law.
They’re seeking to remake the law, and they don’t have the power to remake the law. Only Congress can remake the law.“
Macro expert and former Goldman Sachs executive Raoul Pal says he’s bullish on XRP and believes the case against Ripple will be resolved in favor of the San Francisco payments company.#XRP #Ripple #crypto https://t.co/GFvKw1aEyT
— Forks Daily (@daily_forks) October 8, 2022
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