A crypto-asset writer for Forbes magazine suggested that the Securities and Exchange Commission “bite off more than it can chew” in its legal campaign against Ripple.
Sam Lyman believes that it is becoming increasingly clear to the judiciary that the new administration of the Securities and Exchange Commission (SEC) does not have sufficient chances to win in the Ripple case. According to the expert, the position of the head of department Gary Gensler distorts the previous position of the SEC regarding Ripple and its main asset XRP.
“The agency’s efforts to classify digital assets as securities and subject them to securities law are facing an unexpected adversary—the SEC’s own past statements and internal documents,” Lyman said.
The SEC may have bitten off more than it can chew in its campaign against XRP.
In my latest piece for @ForbesCryptoI discuss how the “Ripple effects” from this lawsuit could benefit not just the #XRParmy but also @coinbase & the industry as a whole.https://t.co/hml3wYE5IK
— Sam Lyman (@SamLyman33) May 21, 2023
Sam Lyman is sure that the weakness of the position of the current administration of the SEC is that the main goal of the lawsuit is not to identify facts of violations of regulatory requirements, but a camouflaged attack on the crypto industry. Therefore, the SEC is forced to invent motives as the litigation goes beyond simply enforcing US securities laws.
Earlier, the court ordered the Commission to attach to the Ripple case drafts of a speech by former SEC corporate finance director William Hinman on the status of ether.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
