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The Ripple Case: How SEC’s Controversy Reignited the Crypto Industry
Ripple vs SEC
According to the document, former SEC Commissioner Robert J. Jackson Jr. wrote a letter to the SEC in December 2020, arguing that the SEC’s case against Ripple was “not the right approach” and that the Commission should instead focus on providing “clear guidance” to the industry.
The letter, which was obtained by The Block, was sent to SEC Chairman Jay Clayton and the other four commissioners. In it, Jackson argued that the SEC should focus on providing “clear guidance” to the industry, rather than pursuing a case against Ripple.
Jackson wrote that the SEC should focus on providing “clear guidance” to the industry, rather than pursuing a case against Ripple. He argued that the SEC’s case against Ripple was “not the right approach” and that the Commission should instead focus on providing “clear guidance” to the industry.
Jackson further argued that the SEC should focus on providing “clear guidance” to the industry, rather than pursuing a case against Ripple. He noted that the Commission should focus on providing “clear guidance” to the industry, rather than pursuing a case against Ripple.
The SEC’s lawsuit against Ripple, which was filed in December 2020, alleged that the company had sold unregistered securities in the form of XRP tokens. The SEC argued that Ripple had violated federal securities laws by failing to register the tokens as securities.
The SEC’s case against Ripple has been ongoing for more than a year, and the company has argued that XRP is not a security and that the SEC has failed to provide clear guidance to the industry. The case is currently in the discovery phase, and a trial is expected to begin later this year.
Jackson’s letter is the latest development in the case and could have a significant impact on the outcome. It remains to be seen how the SEC will respond to Jackson’s plea and whether or not it will reconsider its stance on Ripple.
Ripple vs SEC
The SEC had filed a lawsuit against Ripple in December 2020, alleging that the company had sold unregistered securities in the form of its XRP tokens. The case has been ongoing ever since, with Ripple and its executives fighting the allegations.
However, in a letter written in January 2021, former SEC Commissioner Hester Peirce urged the regulator to reconsider its decision to pursue the case against Ripple. In the letter, Peirce argued that the SEC had failed to provide clear guidance on the status of cryptocurrencies such as XRP.
Peirce argued that the SEC’s lack of clarity had caused “real harm” to the industry, and that the case against Ripple was unlikely to be successful. She also noted that the SEC’s decision to pursue the case could have a “chilling effect” on innovation in the cryptocurrency space.
The letter was made public on April 16, 2021, following the SEC’s withdrawal of its case against Ripple. The SEC’s decision to drop the case has been widely seen as a victory for Ripple and the cryptocurrency industry as a whole.
Ripple vs SEC
According to the documents, former SEC Commissioner Hester Peirce wrote a letter to the SEC in December 2020, urging the agency to reconsider its lawsuit against Ripple.
In the letter, Peirce argued that the SEC’s interpretation of the Howey Test was too broad and that the agency should be more careful in its approach to regulating digital assets.
She also argued that the SEC’s decision to sue Ripple could have a “chilling effect” on the development of the digital asset industry, as well as the broader blockchain industry.
Peirce’s letter was sent shortly before the SEC filed its lawsuit against Ripple in December 2020. The lawsuit alleged that Ripple had violated securities laws by selling unregistered securities in the form of its XRP tokens.
Ripple has since denied the charges and is currently fighting the lawsuit in court.
The revelation of Peirce’s letter is likely to be seen as a major victory for Ripple, as it shows that a former SEC commissioner was against the agency’s decision to sue the company.
It also highlights the importance of regulatory clarity in the digital asset space, as the lack of clear regulations has been cited as one of the main reasons for the SEC’s decision to sue Ripple.
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