Ripple Leads The Revolt Against The SECJanuary 29, 2022 8:34 pm
Ripple’s long-standing lawsuit against the SEC has so far shown the resilience of the crypto payments firm the despite the SEC’s attempts to constantly drag the case out.
Many regard the lawsuit result as a turning point for crypto because the outcome of the case will affect more than just Ripple and the SEC.
Instead, the outcome could be used as the foundation for future crypto regulations in the United States as many proponents believe that Ripple was selected by the SEC to serve as an example for the rest of the industry.
In recent months, it seems that Ripple is making progress in winning case as they had recently secured a win in the recent ruling with Judge Netburn.
FxStreet shares opinions from regulation experts on the situation so far:
Jake Chervinsky, the head of Policy at the US Blockchain Association, a crypto advocacy firm, commends that Ripple continues to defend itself against the Securities & Exchange Commission’s (SEC) allegations.
Chervinsky is considered an expert on crypto regulation.
The advocate believes that Ripple has given the SEC the most trouble, more than any other cryptocurrency projects and Elon Musk, CEO of Tesla.
Chervinsky was quoted as saying:
No matter your view on Ripple, two things seem clear: They’re giving the SEC more trouble than anyone in crypto, maybe more than anyone period, including Elon [Musk, CEO of Tesla and SpaceX].
They’re the leading dispute on securities law, if only because they’ll fight to the death unlike those who caved & settled.
Ripple’s legal tussle with the regulator has set a precedent for the entire crypto industry.
No matter your view on @Ripple, two things seem clear:
– They're giving the SEC more trouble than anyone in crypto, maybe more than anyone period, incl. Elon
– They're the leading dispute on securities law, if only b/c they'll fight to the death unlike those who caved & settled
— Jake Chervinsky (@jchervinsky) January 16, 2022
Ripple is not the only firm that has been involved with the SEC these days.
The CEO of Terraform Labs recently sued the SEC after it tried to serve the firm a subpoena and Grayscale Investments already is preparing an entire legal case against the SEC just in case the SEC decides to become an obstacle to the firm in the future.
The increasing awareness of government agencies like the SEC has forced many crypto firms to take precautions when it comes to launching virtual currency products.
If the case results in a win for Ripple, it would in essence remove the biggest obstacle for many of these firms and promote a period of widespread crypto growth.
“As a lawyer, you’re kind of trained and taught to not pick fights with regulators,” Ripple general counsel Stuart Alderoty said in an interview.
“But we didn’t pick a fight with a regulator, the regulator picked a fight with us. Respect for regulators needs to be earned, and I don’t think the SEC has earned the right to get the industry’s respect.”
The looming legal barrage is just the latest example of the cryptocurrency industry taking an aggressive stance with Washington policymakers who threaten the industry’s growth.
This year is poised to be a key inflection point in the politics and regulations around digital assets, with several federal agencies making the issue a top priority and lawmakers drafting a raft of legislation.
Crypto firms are ramping up lobbying and planning to dole out millions of dollars in financial contributions in a bid to secure allies in government and undermine their opponents.
— Crypto Czar™ (@iamcryptoczar) January 18, 2022
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