If you are an XRP holder or invested in the crypto market, you will want to pay attention to the drama unfolding between Ripple and the SEC. There have been a few developments over the past few days which highlight the foreseeable end to the groundbreaking case. In 2021 exchanges like Coinbase and other American exchanges had to suspend trading XRP due to the case brought against Ripple by the SEC.
As of right now, the case seems to be in its final stretches with a loser in sight. It would appear that the SEC had someone overseeing regulations with links to rival tokens. When we think about crypto and the dangers of crypto, we often think about the threat of hacking. Hacking and rug pulls take billions of dollars away from investors each year. I do not think many of us would have ever thought about someone from the SEC engaging in a similar kind of corruption.
A group of emails were made public, which warned about a relationship between the former director William Hinman and a group with ties to ETH. The SEC is now talking about a Summary Judgment with Ripple and keeping certain emails private. As an XRP holder, I would love nothing more than to see the information inside the emails. However, if those emails could tank the crypto market, I feel that they should be left private.
With Biden placing former Ripple adviser Michael Barr to oversee Federal Regulations, it is safe to say Ripple is here to stay. One must wonder what the future has in store for Ripple and XRP in terms of their place in the United States. After this lawsuit ends, will we see anything happen to Hinman? I am leaning towards no. Since we have little to no real regulation regarding cryptocurrency, it would be hard to do anything to Hinman regarding his interference with XRP.
Many XRP investors that I hear from want to see a class-action lawsuit against Hinman. However, without regulations in place, it will be hard to establish a line between right and wrong. At the end of the day, the lack of clarity was the weapon that brought down the SEC’s case. This case highlights the need for new regulations that shield crypto investors and those who create currency. Yet, it also highlights the need to be more watchful over those interpreting the laws.
As always, I am not a financial expert. I just like crypto.