The SEC and Ripple lawsuit continues to drag on, garnering intense attention from the community. The U.S. Securities and Exchange Commission (SEC) and Ripple case is the subject of increased attention as courtroom developments intensify. before too cryptocoin.comAs we covered in , Ripple and XRP are supported by the community while opposing the SEC’s plan.
Where is the Ripple lawsuit going?
Observers note that closing the books on the issue will allow cryptocurrency to refocus its efforts to become a more widely used asset with greater utility. A lot of criticism is often leveled at the regulator, as the SEC’s war against the crypto industry, with its quirks, is seen as a stifling effort in the industry. These criticisms have come most recently from the US Senate. During SEC chairman Gary Gensler’s Senate Banking Committee hearing, the regulator drew backlash from Republican Senators, who condemned the commission’s plans for the cryptocurrency industry and other industries.
Some argue that the SEC is not transparent to market participants by not publicly disclosing whether a crypto asset is a security. The loudest critics were Senator Pat Toomey, who urged Gensler to regulate crypto tokens through enforcement. The comments also referred to the SEC’s move against Coinbase. Coinbase CEO Brian Armstrong responded to the planned implementation by the SEC on the firm’s recently announced return-generating product. This action of the SEC is occurring because they are still facing a lawsuit with Ripple.
Securities or not?
Gensler said that he thinks only certain cryptocurrencies do not need to be registered with the SEC, as they are not securities. Following the Senate change, Ripple CEO Brad Garlinghouse again summoned the regulatory watchdog over his conflicting allegations regarding the cryptocurrency industry. He noted that Gensler continued to insist that the laws regulating the industry were clear, but asked the senate to write laws to clarify what was already clear. Brad Garlinghouse said:
Chairman Gensler (again) insisted in his statement today that the securities laws are clear and easy to understand for the crypto market… But which one? Joyful. Toomey, thank you for being the voice of reason.
Garlinghouse implied that the company has gained supporters among pro-innovation members of Congress, who are working with US regulators for the industry to pave the way for clarity and certainty. Elsewhere, Ripple General Council Stuart Alderoty argued that the SEC has consistently treated the industry with harsh enforcement actions and threats rather than providing clarity, contrary to calls for the industry to include the commission in good faith. Also, there is strong community support for the company in the legal battle. The company’s backers, known as the XRP Army, have even stepped up legal proceedings against the agency. They filed a lawsuit led by Attorney John Deaton in March to determine that neither side of the case represented the interests of XRP investors. Recently, it was rumored that Coinbase will rely on XRP on the crypto exchange. Although Coinbase has denied the rumors, the community has expressed that the SEC’s recent move against Coinbase means it puts the two companies on the same side.
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