US Congressman Tom Emmer has earned praise for his recent remarks regarding the ongoing Ripple lawsuit, specifically targeting Securities and Exchange Commission (SEC) Chair Gary Gensler
Emmer, who currently serves as the House Majority Whip, has vocally criticized the SEC for its handling of cryptocurrency regulation, accusing the commission of overstepping its boundaries.
Read Also: Ripple Faces SEC’s $770 Million Settlement Demand in XRP Lawsuit
Emmer Calls Out SEC Chair for Ineffectiveness and Incompetence
Emmer took to X to express his dissatisfaction with Gensler’s leadership, labeling him as “ineffective and incompetent.” The congressman’s comments shed light on the SEC’s pursuit of enforcement actions beyond its jurisdiction, including the highly publicized case against Ripple over XRP security status
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
Legal Expert Bill Morgan Applauds Emmer’s Courageous Stance
Renowned XRP legal expert Bill Morgan was quick to commend Emmer for his bold stance against the SEC.
Morgan, a partner at Morgan Law Group, praised Emmer as the first US congressman to openly challenge the SEC’s arguments surrounding the security status of XRP.
He also raised questions about the SEC’s expenditures in the Ripple lawsuit, citing Ripple CEO Brad Garlinghouse’s disclosure of the company’s substantial defense costs exceeding $150 million. Morgan further questioned the amount of taxpayer money being utilized by the SEC in pursuing the case.
Ripple’s Potential Lower Penalty Fee Raises Questions
While the SEC is aiming to secure significant penalties from Ripple, the court has already ruled that Ripple’s institutional sales of XRP, totaling over $770 million, violated the law. However, industry experts believe that Ripple may be able to reduce the fee by excluding legitimate business expenses from the fine.
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Read Also: XRP Lawsuit: Expert Highlights What Is Next For Ripple and the SEC
The impending penalty phase of the lawsuit is expected to commence soon. In the event that the SEC and Ripple fail to reach a settlement, the court will establish a briefing schedule for the remedies proceeding.
The outcome of the Ripple lawsuit carries substantial implications for the entire cryptocurrency industry. If the SEC succeeds in its case, it could embolden the commission to pursue more aggressive enforcement actions against other crypto firms.
Conversely, if Ripple successfully defends itself and XRP, it would serve as a powerful message to the SEC, asserting that the commission must operate within its designated jurisdiction. The cryptocurrency industry eagerly awaits the resolution of this high-stakes legal battle.
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