Why the SEC vs. Ripple lawsuit is a ‘LOSE-LOSE’ situation despite one clear winner
The ever-lasting feud between the San Fransico-based fintech firm, Ripple Labs and theSEC might be coming to an end soon. Well, in this context, the former SEC Commissioner had a lot of interesting observations.
The SEC vs. Ripple case was a mistake, according to former SEC Commissioner Joseph Grundfest, who said in an interview that “no matter how it turns out, we’re gonna be losers”.
According to his statements, it seems, even if the SEC wins the battle, they would end up losing the war.
<p lang=«en» dir=«ltr» xml:lang=«en»>My interview with former SEC Commissioner Joseph Grundfest is live!WATCH ▶️ https://t.co/aAFCmpq9Po
Topics: – Joe's Background – #SEC, Gary Gensler, & #Crypto Regulations – #Ripple #XRP Lawsuit – Jay Clayton & Bill Hinman – #Bitcoin Spot ETF – #CBDCs pic.twitter.com/q7bDODqSiF
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) March 9, 2022
The former SEC Commissioner was one of the first persons to criticize the decision to go forward with theXRP lawsuit. In fact, Grundfest had sent a letter to related commissioners before the complaint that was filed eventually. Nonetheless, this move (to sue Ripple Labs) was quite unpopular even among SEC officials. In this regard, Grundfest asserted,
“It is hardly a secret I had questions about the judgment involved in bringing the lawsuit against XRP. I had questions about the timing, implications, policy. Is this a matter that is best addressed from a social perspective by bringing a lawsuit? Or saying “let’s look at our regulations”?”
Regardless of the winner, the lawsuit has a high probability that ‘no matter who wins gets us farther away from a good solution,’ he added. In fact, he criticized the XRP lawsuit, not on the grounds of impropriety but judgment.
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