According to Joseph Hall, a former Policy Manager for the Entity, Ripple has the advantage in this legal fight against the SEC. Although he argues that the Blockchain Company could win the dispute, the trial seems far from reaching an end.
Former executive policy manager for the SEC, Joseph Hall, highlighted that in the case of Ripple, which is currently under legal dispute in court, the Blockchain services entity has all it requires to win this legal fight.
This information got highlighted by Hall during an interview for Thinking Crypto that appeared on the media last Monday, where the former SEC representative explained that Ripple had achieved many goals in the legal dispute it has sustained with the SEC since 2021. According to the former representative, the accused party’s arguments, evidence, and indications are pertinent.
Regarding Ripple’s allegations, Hall highlights that the company initiated activities in 2012 and pre-sold its token, XRP, in 2013. However, the SEC’s accusations appeared in 2020, seven years after digital assets got released. Therefore, the regulatory Entity’s former representative can’t see the agency’s intentions.
Ripple Keeps Winning
The SEC identified Ripple CEO Brad Garlinghouse Christian Larsen for carrying out transactions of at least $1.4 billion worth of the XRP token through an apparent unregistered securities offering. However, throughout the trial, the representatives of the company and the defense defended their stances and believed that digital currency is not a security, so the statements were invalid.
Ripple has achieved some small victories that add to a vast advantage against the SEC. These little achievements include access to files and emails from the regulatory Entity about important subjects, especially connected to the regulatory view towards currencies like Ethereum and even exchanges, and discrediting the allegations of relevant actors for the legal dispute.
On repeated occasions, Garlinghouse pointed at this trial as a transcendental fight for the crypto world since the verdict of the case will establish a vital precedent on the definition that cryptocurrencies and the entities behind them will have.
Against this stance, Hall that “the entire regulatory project of the SEC could be closed if they lose on the merits, and I think there is a good chance that they lose this way.”
We Still Need to See the End of this Case
Concerning the end of all this dispute, Hall clarifies that this situation is far from reaching an end in 2022, so it could extend its tentacles until 2023. Hall points out that legal disputes are slow, and appeals can always come to terms regardless of the outcome of the district-level in which the Lawsuit currently is.
Therefore, he believes that this could take much longer than initially contemplated, and there is the possibility of approaching a mutual agreement. Still, Ripple abandoned this possibility and claimed to run with the fight until the end.
By: Jenson Nuñez
