As recently revealed by a Fox journalist, staff of the United States Securities and Exchange Commission (SEC) are no longer confident of winning the lawsuit filed against Ripple, the San Francisco-based fintech.
According to the journalist named Eleanor Terrett, the SEC commissioner, Hester Peirce has privately stated that she thinks the SEC will eventually lose the case against Ripple.
Eleanor said she got the information from a source close to the U.S. regulator.
Read Also: Brad Garlinghouse Says Ripple Would Settle with U.S. SEC on One Condition
Eleanor Terrett tweeted, “SCOOP: Turns out even staff at the SEC aren’t confident they will win the case against Ripple. A source close to the SEC tells me Hester Peirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.”
🚨SCOOP: Turns out even staff at the @SECGov aren’t confident they will win the case against @Ripple. A source close to the SEC tells me @HesterPeirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
— Eleanor Terrett (@EleanorTerrett) March 7, 2022
All Indications Point at Ripple Winning the Case
Ripple CEO Brad Garlinghouse, in an interview with Fox Business, said the SEC Chairman, Gary Gensler revealed that the regulatory agency will lose some of its cases.
Although it’s not yet clear whether he’s referring to the SEC’s case with Ripple, there is a possibility that he was talking about the blockchain-based payment firm.
Read Also: Empower Oversight in Possession of Vital Documents That Could Determine Outcome of Ripple-Sec Case
As quoted by Attorney Jeremy Hogan in a tweet, Brad Garlinghouse said, “I was meeting with Chairman Clayton, I met with SEC Commissioners, no one ever once said ‘XRP is a security’.”
It’s worth noting that SEC Commissioner Hester Pierce has been speaking up since the start of the lawsuit, calling for the regulation of the fast-growing market. Howbeit, all her efforts proved abortive.
As things start to seemingly go in favor of Ripple, Many believe that the firm could use a lack of regulatory clarity for crypto assets against the SEC during the upcoming Fair Notice Defense.
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