The long-running Ripple vs. SEC or US Securities and Exchange Commission case appears to be finally coming to an end after the SEC seeks summary judgment. The way the developments are shaping up strongly points to a possible victory for Ripple.
The latest developments indicate that the SEC has now filed a motion against Ripple’s expert opinion. Indeed, the SEC considers experts to be unreliable and often suggest the wrong legal conclusions. Meanwhile, even the Ripple defendants filed a lawsuit against SEC expert evidence.
Fight between the SEC and the CFTC
Meanwhile, yesterday’s Bloomberg article titled: Fight to Regulate Crypto at Crossroads as Ripple Ruling Looms caught the attention of many industry experts. One of them is Stuart Alderoty, Ripple’s general counsel. Alderoty is of the view that regardless of who wins the Ripple v SEC lawsuit, the outcome will affect the crypto market.
Additionally, the crypto industry has always faced the question of who will and should regulate cryptocurrencies. There is a tug of war between two big players in the industry, Gary Gensler and Brad Garlinghouse of Ripple suggested CFTC.
Here, if the SEC wins according to Bloomberg’s claim, the agency will have jurisdiction over major cryptocurrencies. On the other hand, if Ripple wins, it could reduce the chances of the SEC claiming jurisdiction over the crypto. Additionally, most crypto experts are against the SEC’s regulatory approach, as they believe the agency is enforcing rather than explaining the rules.
While the new decision on Ripple vs SEC is expected to be made within the next six months, XRP is doing its best to go against the odds. At press time, XRP is selling at $0.38 after rising 0.43% in the last 24 hours