The former chief executive of the US Securities and Exchange Commission (SEC) claims that the defeat of Ripple will negatively affect the regulation of cryptocurrencies.
Joseph Hall, who was previously in charge of SEC policy in the market, said that he supports Ripple in the fight to provide information about the activities of SEC officials in the cryptocurrency market.
“I am very sympathetic to this fight. This is Ripple’s main argument against the Commission. Ripple was in business for years before the lawsuit was filed against it.”
Hall argues that the future of crypto investors depends on Ripple’s success in litigation against the SEC.
“The entire SEC regulatory project could be shut down if they lose to Ripple on the merits. And I keep thinking there’s a pretty good chance the company will win.
The former head of the SEC predicts that the SEC will file appeals in the case “regardless of what happens at the district court level”:
“I would not bet on a neat resolution of the case during this year. A settlement is always possible. It can happen almost unexpectedly from the point of view of an outside observer, but both sides seem to be deeply stuck in this matter now.
Joseph Hall served on the Securities and Exchange Commission from 2003 to 2005, completing his tenure on the Commission as policy executive. He is now a partner at the law firm Davis Polk.
Last year, Ripple CEO Brad Garlinghouse said he saw progress in the SEC litigation and suggested that it could end as early as next year. Last week, the New York District Court ordered the SEC to hand over 14 documents to Ripple, including records by former CFO William Hinman on whether Ether is a security. The court decision in favor of Ripple could be influenced by the lawsuit of the human rights organization Empower Oversight. The anti-corruption organization accused the US Securities and Exchange Commission of non-compliance with the law on freedom of information.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
