This Village Celebrates Victory Over the SEC
As the cryptocurrency world eagerly awaits the outcome of the legal battle between the SEC and Ripple, the Ripple community decided to celebrate their partial victory with ‘The Proper Party’ on September 30. The event brought together XRP and Ripple enthusiasts, as well as key figures involved in the ecosystem and the lawsuit, including Ripple CEO Brad Garlinghouse, CTO David Schwartz, legal experts Jeremy Hogan and John E. Deaton.
“This Village Beat the Bully”
Before the party, Garlinghouse shared photos of the crowd outside the venue, emphasizing that this celebration was a reminder to the SEC that court decisions matter. During his speech at the event, Garlinghouse referred to the XRP and Ripple community as “this village” that had defeated the bully, symbolizing their stand against regulatory overreach.
Victory Under Judicial Scrutiny
An article by Frank Francone highlighted how the SEC’s central argument failed under judicial scrutiny, causing harm to innocent people involved in the case. John E. Deaton, founder of CryptoLaw, echoed this sentiment, stating that thousands of investors, users, developers, and small businesses have been voicing similar concerns for years.
Inconsistencies in SEC Enforcement
Lawyer Bill Morgan pointed out inconsistencies in the SEC’s enforcement actions. He highlighted how Marc Berger was supportive of Ethereum and its co-founder Joseph Lubin but sued Ripple while serving as deputy director of the Division of Enforcement.
A Historical Precedent
Jeremy Hogan drew parallels between the current situation with XRP and a past attempt by the SEC to regulate gold during a period of high inflation. He emphasized that courts had intervened back then to prevent similar overreach by the SEC.
Hot Take: The Ripple Community Celebrates a Milestone Victory
The celebration organized by the Ripple community marked a significant milestone in their battle against the SEC. The event served as a reminder that collective efforts and determination can overcome regulatory challenges. With legal experts and key figures in attendance, it showcased the unity and resilience of the XRP and Ripple community. This victory under judicial scrutiny has brought attention to the inconsistencies in SEC enforcement actions, highlighting the need for clearer regulations in the cryptocurrency industry. It remains to be seen how this courtroom battle will conclude, but for now, the Ripple community celebrates their triumph.
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