Ripple together with the so -called XRP army is hitting hard at SEC like never before.
Ripple Pushing Hard at SEC like Never Before
In a recent tweet Jake Chervinsky, U.S. Blockchain Association’s policy chief, has stated that Irrespective of what are the crypto community’s views on Ripple as a company, there are a couple of things everybody would admit. One is that Ripple is giving the regulator an extremely tough time, even tougher than Tesla’s chief, Elon Musk, the world’s richest person. Secondly, Chervinsky noted:
— XRPcryptowolf (@XRPcryptowolf) January 17, 2022
“They’re (Ripple and XRP army) the leading dispute on securities law, if only b/c they’ll fight to the death unlike those who caved & settled”
For context, in the past the SEC has filed lawsuits against some and threatened others about litigation. Most of the times the defendants have conceded, fearing the rigor of state regulators. But this time, Ripple has been pushing hard at SEC from the day one. Hard enough to maintain upper hand in the proceedings, throughout the lawsuit.
A Brief Overview
At the time when the SEC had initially filed the lawsuit against Ripple, many had thought it was certainly Ripple in the hot waters. Since then Ripple has turned the tables and now it seems like it is SEC in the hot waters.
Recently, the court has denied SEC’s “privilege” argument to protect certain documents. As a consequence, the SEC is now compelled to produce a draft email, relating William Hinman’s 2018 speech. Many in the community are considering the recent court ruling a major victory for Ripple.
What is crucial here is, if Ripple wins the lawsuit, there would be a great loss of face for SEC and, on contrary, if SEC succeeds the whole crypto community would be under serious threat.