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- Legal setbacks for the SEC have boosted confidence in Ripple and Coinbase’s legal battles.
- Ripple’s Chief Legal Officer, Stuart Alderoty, says recent court rulings show the SEC’s approach as “arbitrary and capricious,” potentially signaling a change in the regulatory landscape for cryptocurrencies.
It’s an exhilarating moment for Ripple and the broader cryptocurrency universe, as mounting legal setbacks for the Securities and Exchange Commission (SEC) could signal a seismic shift in crypto regulations. A recent update from Bold News has underscored that the regulatory body is increasingly on shaky ground, and the momentum appears to be swinging in favor of Ripple and Coinbase. Further, Crypto analyst Collin Brown tweets:
🔥 Congressman Calls for #SEC Chair’s Firing! 💥 Cryptocurrency battles intensify as Congressman demands action against #GaryGensler. Is this the spark that ignites change in the crypto world? Who else wants him to go? Tell me in the comments!https://t.co/yFo4VgxeIK
— Collin Brown (@CollinBrownBTC) August 30, 2023
The Decline of SEC’s Credibility
The SEC has found itself under increasing pressure, especially as it fails to gain legal traction in its case against Ripple regarding XRP. Stuart Alderoty, Ripple’s Chief Legal Officer, comments on this development, saying, “The SEC is getting battered in the court.” The sentiment was echoed in the recent Grayscale Bitcoin ETF case where the investment firm triumphed over the SEC. Alderoty stated, “It’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law.”
Verbal Fireworks: Hypocrisy and Arbitrary Actions
In previous rulings, Federal Judge Sarah Netburn openly criticized the SEC for its hypocrisy and failure to show “faithful allegiance to the law.” This scathing language provides Ripple with an ever-growing level of confidence in their legal battle. Bill Morgan, a legal expert, even stated that SEC’s categorization of all cryptos except Bitcoin as securities was more of a “political statement” than a legal one.
Public Opinion Turns Against SEC
Notably, Ripple’s CEO, Brad Garlinghouse, has openly deemed the SEC’s behavior as “shameful.” The court of public opinion seems to be aligning with Ripple and Coinbase, as multiple figures in the crypto industry criticize the SEC for its inconsistent and arbitrary rulings.
The Knock-on Effects of Grayscale’s Victory
Grayscale’s win may be a precursor to a more favorable landscape for Ripple and Coinbase. The court ruled that the SEC’s denial of Grayscale’s Bitcoin ETF proposal was “arbitrary and capricious,” setting a potentially significant precedent for other legal battles involving the SEC.
Ripple and Coinbase Cases: Investor Implications
Investors are keenly watching the SEC’s struggles, especially in light of upcoming deadlines in the Ripple case. Ripple’s next move is to file its opposition to the SEC’s appeal motion, a part of a four-step legal process that could shape market sentiments substantially. Meanwhile, the SEC’s case against Coinbase for operating as an unregistered securities exchange looms large, and its outcome could also influence the regulatory environment significantly.
Shifting Tides in Legal Sentiments
CEO Brad Garlinghouse comments, “While these are great outcomes… it’s sad that so many in the U.S. crypto community have to resort to the legal process to prove the SEC is out of control.” As the SEC continues to falter in court, Ripple and Coinbase might just be on the path to not just legal victory, but also fundamentally changing the future landscape of crypto regulations.
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