In a recent update on X, prominent crypto expert Zach Rector (@ZachRector7) spoke on the ongoing legal and market developments surrounding XRP and the U.S. Securities and Exchange Commission (SEC).
Following the exposure of the SEC’s controversial actions and subsequent office closures, the XRP community is calling for a change and can see that the regulator has no legs to stand on in its challenge against Ripple.
Rector noted that the SEC has faced significant scrutiny after being sanctioned in the Debt Box case for falsifying evidence, leading to the closure of their Salt Lake City offices. Additionally, the recent resignation of Gurbir Grewal, the SEC’s Director of Enforcement, has added to the turmoil.
SEC getting exposed while #XRP gets ready to explode! ⚖️🚀 pic.twitter.com/GavgHYOSuv
— Zach Rector (@ZachRector7) October 6, 2024
Grewal’s departure marks a significant change, given his role in the SEC’s legal strategies against Ripple and other entities. Rector also highlighted a fraud case against George Tenriro, the person who signed the appeal against Ripple.
The Debt Box case was a significant blow to the SEC, and U.S. House Majority Whip Tom Emmer recently called SEC Chair Gary Gensler lawless. Emmer highlighted the Debt Box case as one of Gensler’s biggest failures and mentioned many other failures in an extended speech during a recent hearing.
The SEC’s Appeal
The SEC’s recent appeal against Ripple’s partial legal victory has intensified the legal battle. Despite Judge Analisa Torres ruling that XRP sales to retail investors did not constitute securities transactions, the community believes the SEC is challenging specific aspects of the decision, particularly regarding Ripple’s programmatic sales through intermediaries.
Former SEC attorney Marc Fagel noted that the appeal could focus on the legality of these sales, aiming to overturn the favorable ruling for Ripple.
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Ripple’s Response and Market Impact
Ripple’s leadership remains steadfast in its defense. Brad Garlinghouse, Ripple’s CEO, and Stuart Alderoty, the Chief Legal Officer, have criticized the SEC’s actions, labeling the appeal as “disappointing but not surprising” and an “embarrassment” for the agency. They reiterated Ripple’s commitment to fighting the legal battle and expressed confidence in their eventual victory.
The potential for XRP to thrive remains strong despite the SEC’s appeal. Wall Street veteran Linda P. Jones recently shared reasons why the community should not worry about the appeal, and there is confidence among investors that XRP will outperform expectations.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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