Pro-XRP Lawyer Highlights Negative Impact of SEC on XRP and Its Investors
A pro-XRP lawyer has drawn attention to the casualties and negative consequences caused by the regulatory actions taken by the United States Securities and Exchange Commission (SEC) against XRP and its associated individuals and businesses. Ripple, the company behind XRP, has already reported losing over $200 million in its battle against the SEC, but it appears that there have been additional losses incurred throughout the prolonged legal dispute.
SEC Allegedly Harms 75K XRP Followers
John E. Deaton, a lawyer who supports XRP, publicly criticized the SEC on social media for its legal actions against Ripple Labs and its native token, XRP. Deaton has been an advocate for XRP since the SEC initiated legal proceedings in 2020 and has actively defended the cryptocurrency’s value as a global payment asset. In a recent post, Deaton claimed that the SEC’s actions have negatively affected thousands of XRP investors and users who have been protesting against the regulatory body’s actions for three years.
SEC Destroys $15 Billion Worth of XRP Assets
In a civil filing, it was revealed that the SEC has allegedly destroyed more than $15 billion worth of assets owned by innocent holders of XRP who acquired the token on secondary marketplaces. This further highlights the extent of damage caused by the regulatory authority’s actions against Ripple and XRP.
Ripple-SEC Legal Battle Developments
An article titled “The SEC is not King” was recently published on RealClearPolicy, shedding light on various aspects of the legal case between Ripple and the SEC. The article discusses how Ripple defended itself against the SEC’s allegations of selling unregistered security offerings and achieved a partial victory when Judge Analisa Torres ruled in favor of Ripple. However, the SEC filed an interlocutory appeal to reevaluate the ruling and its case against XRP, leading to criticism from Deaton.
The defense team of Ripple also exposed internal SEC documents and secret positions about XRP, which could significantly undermine the SEC’s argument that XRP should be treated as a security. This development has raised questions about the SEC’s intentions and handling of cryptocurrencies in the ongoing legal battle.
Hot Take: Ripple vs. SEC – Impact on XRP Investors
The legal battle between Ripple and the SEC has had far-reaching consequences for XRP investors. The SEC’s actions have not only resulted in financial losses for Ripple but have also negatively impacted thousands of innocent investors, users, developers, and small businesses associated with XRP. The destruction of over $15 billion worth of assets owned by XRP holders is a significant blow to the ecosystem. Additionally, the exposure of internal SEC documents by Ripple’s defense team raises doubts about the regulatory body’s approach to cryptocurrencies. The outcome of this legal battle will have long-lasting implications for the future of XRP and regulatory clarity in the crypto industry.
By
By
By
By
By