Tide Is Turning On The SEC In The US Legal System; Ripple CTO
In a recent report, the chief technical officer at Ripple Labs, David Schwartz, stated that the tide is seemingly turning on the US regulatory system as the United States legal ecosystem began to doubt the judgment of the United States Security and Exchanges Commission concerning its decision to open multiple lawsuits against numerous crypto platforms simultaneously.
As earlier reported, a federal court in August, presided by Judge Analisa Torres, declared that the XRP token issued by Ripple Labs is not a security offering, granting Ripple victory over the SEC. Regarding the event, Ripple CTO David Schwart remarked that the victory signified a potential turn in the tide against regulatory clampdown on the crypto industry in America and some open lawsuits against crypto platforms like Binance.US, Coinbase, etc.
In addition, the CTO stated during Ripple’s yearly Apex Developer Summit held in Amsterdam that Judge Torres verdict, which declared that the XRP token was a non-security token when 8t was problematically sold on third-party exchanges in 2020, could set a precedent ruling for other similar lawsuits in the future.
CTO Hopes For a Positive Turning Point
According to the report, the SEC engaged Ripple Labs in a never-ending legal battle in 2020, and now, the firm has gained a partial victory, which has sparked a lot of hope in many crypto platforms and investors, creating a belief that the crypto industry can defeat the regulator agencies challenging it with lawsuits.
In addition, Schwartz revealed that the long-standing lawsuit from the SEC had distributed the business operation of Ripple Labs, costing it many important deals. However, he noted that the case stung deeper when many crypto platforms became skeptical about the native coin of the firm, XRP, delisting it from their offerings. However, he stated that things are gradually returning to normal for the firm after the recent party victory.
Furthermore, Schwartz suggested that the Judge Torres decree, which favored XRP, has encouraged many doubting crypto platforms to relish the XRP token. The CTO considers this turn of events a good omen for the crypto industry, stating that it shows a potentially turning tide in the US, as many crypto entities are contemplating moving their business offshore, escaping the bogus regulatory ambiguity plaguing the country.
Additionally, the CTO said it feels awkward to have to remind people that their businesses related to crypto may not survive in the business environment of the United States. However, he hoped that the victory Ripple Labs recently clutched would mark the beginning of a turning point for the industry.
The US Judges Are Getting Skeptical Of SEC Actions
Notably, Schwartz reportedly remarked that the general crypto industry was ignorant of the situation that Ripple had to put up with and endure in 2020 when the SEC first brought the case. However, the gravity of the situation dawned on the industry when the regulator alleged that the native tokens of Cardano, Polygon, and Solana are considered unregistered securities assets.
He added that the SEC went wild, slamming legal lawsuits against multiple crypto entities they feel is security. However, the picture became more apparent to the people as the commission went after Coinbase and other crypto firms, revealing its intention regarding the crypto industry, prompting uproar for proposed counter-measures to be taken from the community.
Furthermore, Schwartz highlighted that the United States Judges are seemingly getting skeptical regarding the multiple lawsuits the SEC lodged against many crypto platforms. Also, he pointed out that entities with resources are supporting and demanding a general system that would benefit everyone in the industry.
The CTO also noted that the Coinbase exchange is currently fighting back against the allegations placed on it, and the case on exchange-traded funds (ETFs) is presently under review. He hoped that there would be a positive outcome concerning the latest developments soon. David Schwartz reportedly expressed his hopes concerning the case during the recently concluded Apex Developer summit for Ripple Labs.
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