July 22, 2024

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“Ripple Likely Wins Lawsuit,” Ex-SEC Official Says “Crypto Insiders

“Ripple Likely Wins Lawsuit,” Ex-SEC Official Says “Crypto Insiders

It’s been a long time Ripple (XRP) Involved in a major lawsuit with the United States Securities and Exchange Commission (SEC)† Regulator claims Ripple has sold XRP in the name of Safety, or influence, without obtaining the necessary licenses to do so. Ripple strongly denies this. Attorney Joseph Hall, a former SEC official, says he expects Ripple to stand a good chance of winning the infamous lawsuit.

ripple vs. SEC

During podcast by Thinking about coding With Tony Edwards, Joseph Hall said yesterday that he doesn’t quite understand what the SEC is actually trying to prove. According to him, the Securities and Exchange Commission is completely wrong in the direction they want to take the case.

“I’m not quite sure what the SEC intends to prove in the XRP lawsuit.”

According to Hall, the consequences of the lawsuit could be enormous. He argues that the project to regulate the crypto sector could be hit hard if the SEC loses its lawsuit with Ripple. He also states that the chance that this will indeed be the case is very high.

According to Hall, it is problematic for the Securities and Exchange Commission to only inform Ripple at the last minute that it is being investigated by the regulator. United States law requires the Securities and Exchange Commission to provide timely notice of the subject matter of the investigation. It appears that this is not done correctly in the case of Ripple.

I am very sympathetic to this argument. It is a fundamental argument in “due process of law”. The Ripple network was active for years before a last-minute lawsuit was filed against them.”

The end of the XRP lawsuit?

And so Hall seems convinced that Ripple will win the lawsuit, but when does the lawsuit ultimately end? According to an attorney from the Ripple camp, Jeremy HoganIt won’t be long before the class finally closes.