- Ripple lawsuit saw a big surprise when the US Supreme Court ruled in favor of the blockchain company
- SEC is currently under fire for how it approaches the cryptocurrency sector
- The Ripple community is showing positivity over the battle that has been ongoing since 2020
The ongoing SEC vs. Ripple case has been rumbling on for over two years, and with the recent Supreme Court ruling in favor of Ripple’s fair notice defense, XRP holders have expressed faint optimism. Despite this, the price of XRP dropped 3% this week.
In a letter to the US District Court dated March 3, Ripple cited the Supreme Court ruling as evidence that the prior advice given by the SEC appears to be contradictory to its current litigating position. This decision was about US taxpayers penalized for failing to reveal their offshore bank accounts.
The alleged crypto war waged by the SEC against industry members continues, with new actions being filed against more and more individuals. In response, John Deaton of the Deaton Law firm urged affected companies to band together and share strategies to tackle these charges.
Ripple also invoked the Bittner vs. SEC case to compel Judge Analisa Torres to prioritize transparency in terms that everyone around the globe can understand. Should Ripple win this case, it could be considered a massive victory for XRP holders and the crypto space at large – but only time will tell if this comes to pass.
Ripple vs. SEC Affecting the Crypto Sector
The ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple has shaken the blockchain industry. The SEC accuses Ripple of selling unregistered securities and violating other provisions of federal securities law.
If the case against Ripple is successful, it could set a precedent for other companies operating in the cryptocurrency space. This could mean stricter regulations and increased scrutiny from regulators.
In addition to the case against Ripple, the SEC has taken action against numerous other firms in the cryptocurrency and blockchain space. The SEC has questioned companies such as Binance.US and Block. one for alleged unregistered securities offerings.
The crypto community has consistently expressed negativity towards the SEC for its alleged harassment of the cryptocurrency sector because it is seen as a way to stifle growth, innovation, and investment opportunities in the industry.
Many argue that the SEC’s draconian approach only protects significant corporate interests and prevents people from participating in this increasingly popular asset class. The fear is that if the SEC continues its aggressive tactics, it could push away potential investors and make it easier for start-ups and entrepreneurs to launch new projects. Furthermore, some see it as an infringement on free speech, as many blockchain-based projects have needed help to express their ideas without being hit with legal ramifications.
As XRP lawyer John Deaton expressed in a tweet, “The point is the crypto industry must accept that the SEC waged war vs. crypto when it attacked not only how a promoter sells a token but attacked the token itself – calling software code a security per se – no matter the seller or the circumstances surrounding the sale.”
