The post Ripple’s Legal Expert Claims 3-Year Headstart in SEC Lawsuit for Favorable Resolution appeared first on Coinpedia Fintech News
The SEC sued Ripple Labs in late 2020, alleging that the company violated federal securities laws by selling XRP, which the SEC deemed to be a security, without registering it as such. It is unclear how or when the case will be settled because it is still in progress.
There is a recent update in this case. Over the past week, the SEC has increased its regulatory control of the cryptocurrency industry, garnering harsh criticism from certain industry participants who contend that the agency’s strategy may be prejudiced.
The case has received a lot of attention because the results will have an impact on the entire sector. If Ripple loses it would have a negative effect on the US crypto market as well as the price of XRP.
Jesse Haynes has shared his opinion on this. Let’s explore.
Jesse Haynes Opens up in a Recent Tweet
Jesse Haynes, a Web3 lawyer, emphasized in a recent tweet that everything has advantages and disadvantages. Consider the latest SEC attack on cryptocurrency as an example. Negative in every way. Positive: Ripple has a three-year advantage over the competition in reaching a solution.
Even XRP detractors will start wishing and praying for Ripple to triumph. The Ripple defense will determine the outcome of a lot of these proceedings. Ripple is the business in this sector that, he says, would love to have the first opportunity to establish case law.
There are positives and negatives in everything. Take for example this recent SEC assault on crypto. Negative: all of it. Positive: Ripple has a three year head start on everyone else towards a resolution. Even XRP haters are going to start hoping and praying that Ripple… https://t.co/94KSoTdDPU
— Jesse Hynes(@jesse_hynes) February 14, 2023
In his tweet, Haynes seems optimistic about the whole case regardless of the outcome. He has predicted that whether the ruling is positive or negative, it is beneficial to Ripple.
SEC Continues to Get Criticisms
Stuart Alderoty, general counsel of Ripple, spoke about the regulatory uncertainty surrounding the cryptocurrency business in the US, focusing on SEC Chairman Gary Gensler’s overreach in the industry.
Bitcoin (BTC) is the only cryptocurrency, according to Gensler, that is exempt from SEC oversight. All cryptocurrency assets besides bitcoin are therefore securities and need to be governed by the agency.
Alderoty responded by saying that he is not aware of any crypto election that would have resulted in Gensler being chosen as the crypto beat cop.
Furthermore, The Pax Dollar (USDP) and Binance USD (BUSD) tokens’ creator, Paxos, will be investigated by the Securities and Exchange Commission (SEC) of the United States over the latter’s stablecoin. The SEC also plans to enforce a staking restriction.
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