John Deaton, a Pro-XRP lawyer, has come out vocally about the injustice Ripple has allegedly faced in the hands of the SEC, calling their actions dubious. The legal battle between Ripple and the SEC has been termed as the most popular when it comes to tussles in the world of crypto. Brad Garlinghouse just recently posted a picture with Donald Trump, setting the whole conversation aflame again. Sources say the next few weeks are critical as Ripple’s fate coincides with political changes and regulatory flux as Gary Gensler prepares to resign as SEC Chairman.
Ripple vs. SEC Lawsuit Timeline
Based on available reports, the SEC sued Ripple in December 2020′, saying they sold XRP as an unregistered security. The lawsuit also named CEO Brad Garlinghouse and General Counsel Stuart Alderoty as defendants.
Pro-XRP attorney John Deaton has been pretty open about the dirty tactics employed by the SEC. According to Deaton, Ripple fully cooperated and provided all XRP transaction records. But the SEC kept going, trying to get Garlinghouse’s personal financial records, including credit card statements. Deaton calls that unethical.
Ripple’s Stand Against the SEC’s Tactic
Ripple didn’t back down. Garlinghouse, Alderoty, and the Ripple legal team pushed back against the SEC’s overreach. Deaton calls this the defining moment, showing Ripple’s guts and determination to clear their name.
“The SEC not only targeted Ripple unfairly but also employed tactics that bordered on harassment,” Deaton stated. “This included pressuring Ripple’s overseas customers and partners to distance themselves from the company.”
This paid off, as Ripple’s relentless legal strategy has resulted in a string of wins. Not only has it strengthened their position but the rulings have implications for the broader crypto market on regulatory overreach.
Garlinghouse-Trump Meeting: New Crypto Era?
The picture of Garlinghouse with Donald Trump has created a lot of buzz and speculation. With Trump’s inauguration coming up and Gary Gensler about to resign as SEC Chairman, the political landscape is about to flip in Ripple’s favor.
This meeting plus the January 15 deadline in the Ripple case has XRP fans hopeful. Ripple’s wins and increasing political connections are seen as good omens for the company and the crypto market.
Crypto Industry Impact
The Ripple lawsuit has been a major moment in the crypto space. The SEC has been criticized for stifling innovation with ambiguous, harsh regulations.
Deaton said Ripple’s win would open the door to fair treatment of blockchain projects. He says it’s not just about Ripple, it’s about future US crypto innovation.”
Deaton speaks on “Dirty Tactics” of SEC in Ripple Lawsuit
Sources believe that other crypto projects are feeling empowered by Ripple’s stand against regulatory overreach and are optimistic about their own chances.
Conclusion
Ripple vs SEC is more than a legal fight; it’s a fight for US crypto. Garlinghouse’s leadership along with the support of the Ripple legal team and the community, really turned the tables for Ripple.
The case is still a test of the crypto industry’s mettle in regulatory headwinds. With the new administration, Gensler resigning and Ripple’s growing muscle, the next couple of weeks will be a pivot point for Ripple and the broader crypto market.
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FAQs
1. Why is Ripple suing the SEC?
Ripple is countering the allegations from the SEC that states that XRP was sold as an unregistered security. The company argues that this is a cryptocurrency and not a security; the commission crosses its boundaries.
2. What’s the Garlinghouse-Trump meeting?
Sources believe Garlinghouse’s meeting with Trump means Ripple could be getting political and could be a sign of regulatory winds blowing in favor of crypto innovation.
3. What are some of the shady tactics the SEC used against Ripple?
SEC allegedly leaned on Ripple’s foreign partners, demanded broad personal financial info from Garlinghouse and crossed ethical lines to get the case.
4. How will Gensler’s resignation affect Ripple?
With Gensler’s resignation, a change of the SEC guards could bring about a better balance of crypto regulation.
5. What does Ripple win mean for crypto?
Ripple’s success could set a precedent for clearer regulations, encouraging innovation and reducing regulatory uncertainty for blockchain projects.
