As evidence and new turnout of events in the United States Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple seem to sway in Ripple’s favor, the SEC appears desperate to save its face, which may have necessitated the latest move by the regulatory body to sue two global leading cryptocurrencies exchanges, Coinbase and Binance.
It is worth noting that Binance and Coinbase got charged to court within a space of 24 hours, with the SEC alleging that both crypto exchanges facilitated the trading of crypto assets the regulatory commission tagged as security assets, implying that these crypto exchanges violated the United States principles on security and non-security investments.
SEC’s latest move was least expected and has stirred several reactions and comments from the crypto community. Top crypto bosses asserted that the SEC’s new action could be related to the protracted legal case between Ripple and the regulatory commission.
SEC Is Afraid Of Losing The Lawsuit Against Ripple – Yassin Mobarak
Yassin Mobarak, Founder of Dizer Capital, was one of the crypto chiefs that gave his opinion on what might have necessitated SEC’s decision to sue two of the world’s leading crypto exchanges.
In a tweet on his official Twitter handle, the founder of Dizer Capital noted that SEC is terrified about the possibility of losing the Lawsuit against Ripple. According to Mobarak, a win for Ripple would overwhelm the commission in the future.
Stressing further, Mobarak maintained that the SEC is trying hard to ensure it still has a grip on the crypto world even if it loses to Ripple in the lingering legal battle. “This mad full frontal attack by the SEC on the two largest exchanges in Crypto (Binance and Coinbase) may indicate that they are worried about a precedent-setting ruling against them in the Ripple case. So this is their attempt to thwart that damage by expediting their main attack plans to isolate the Ripple loss and claim that loss is only specific to the facts and circumstances of Ripple and XRP and does not apply to the whole industry,” Mobarak tweeted.
This mad full frontal attack by the SEC on the two largest exchanges in Crypto (Binance and Coinbase) may indicate that they are worried about a precedent setting ruling against them in the Ripple case. So this is their attempt to thwart that damage by expediting their main…
— Yassin Mobarak (@Dizer_YM) June 6, 2023
Is SEC Compromising Its Initial Stance Against Ripple?
Zach Rector, a renowned crypto reporter, opined a possibility of compromise by the regulatory commission to settle amicably with Ripple.
Zach didn’t drop many details about what he thinks about SEC’s latest move, but his tweet immediately after the SEC officially announced its lawsuit against Coinbase hinted at a possibility of a potential concession from the SEC’s initial stance. “Ripple is about to settle. 100%,” Zach wrote.
Ripple is about to settle. 100%
— Zach Rector (@ZachRector7) June 6, 2023
Legal Battle Between Ripple And SEC Nearing A Possible End
An XRP community member, Ashley PROSPER shared a tweet, driving the point that Ripple is yet to lose at the summary judgment. Most notably, Ashley noted that if the summary judgment had favored the SEC, It would have been cited in the new complaints against Coinbase and Binance. He thereby said he thinks the “Ripple case is over.”
Ashley’s tweet read thus, “To people thinking, the SEC is bringing these cases against Binance and Coinbase because Ripple lost at summary judgment.
- These cases would have been brought regardless of what happened in the Ripple case. As Deaton said over 2 years ago, the SEC planned to go after exchanges… they did and have.
- If the SEC had already received the summary judgment opinion, and it was in their favor… It would have been cited in the complaints against the exchanges.
No, IMO the Ripple case is over, and now the SEC needs to go full steam ahead to get Gary a clear win before 2024. I believe that win will be with bye-bye Binance, and Coinbase will be just fine.”
To people thinking, the SEC is bringing these cases against Binance and Coinbase because Ripple lost at summary judgment.
1. These cases would have been brought regardless of what happens in the Ripple case. As Deaton said over 2 years ago, the SEC planned to…
— Ashley PROSPER (@AshleyPROSPER1) June 6, 2023