Former SEC Insider Says Regulator Has ‘A Lot Riding’ on Case Against Ripple

Former U.S. Securities and Exchange Commission (SEC) executive Joseph Hall says he’s “perplexed” by the SEC’s lawsuit against Ripple.

The regulator sued the San Francisco-based payments company in December of 2020 for allegedly issuing XRP as an unregistered security and claims XRP remains an unregistered security to this day.

Track live crypto price of 10000+ coins!

In a new interview with the Thinking Crypto podcast, Hall says that he’s “sympathetic” to Ripple’s “fair notice defense.”

“I’m very sympathetic to that argument. It’s a basic due process argument. The Ripple network was operating for years before the last-minute filing of a lawsuit against them.”

Hall worked for the SEC from 2003-2005, concluding his time at the Commission as managing executive for policy, he’s now a partner at the law firm Davis Polk.

The lawyer says the SEC has a lot riding on the Ripple case, whose mission is to protect investors.

“Their entire regulatory project could be basically shut down if they lose on the merits here. And I continue to think there’s a pretty good chance that they will lose on the merits.” 

He predicts that there will be appeals on the case “no matter what happens at the district court level.”

I wouldn’t be banking on a tidy resolution of this case over the course of this year. Settlement is always a possibility. That could happen out of the blue, but from an outsider’s perspective, which is all I have on it, both sides seem to pretty dug into it right now.”


Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Related:  Bitcoin Reclaims $30K, Why Bulls Face Uphill Task


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vit-Mar/Tun_Thanakorn

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: