{"id":151355,"date":"2023-09-07T12:41:07","date_gmt":"2023-09-07T07:11:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/xrp-lawyers-ripple-exec-on-the-outcome-of-us-sec-lawsuit-crypto-news\/"},"modified":"2023-09-07T12:41:08","modified_gmt":"2023-09-07T07:11:08","slug":"xrp-lawyers-ripple-exec-on-the-outcome-of-us-sec-lawsuit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xrp-lawyers-ripple-exec-on-the-outcome-of-us-sec-lawsuit-crypto-news\/","title":{"rendered":"XRP Lawyers, Ripple Exec On The Outcome Of US SEC Lawsuit – Crypto News"},"content":{"rendered":"

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Ripple executive chairman Chris Larsen and XRP lawyers criticized the U.S. Securities and Exchange Commission (SEC) for its regulation by enforcement policy against crypto. Federal judges have called<\/a> the US SEC\u2019s claims \u201carbitrary and capricious\u201d in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word \u201chypocrisy\u201d to describe the SEC\u2019s inconsistent positions. Larsen urges the U.S. Congress to act and end these irrational lawsuits by the SEC.<\/p>\n

The End Of SEC\u2019s Regulation By Enforcement<\/h2>\n

Ripple executive chairman Chris Larsen on September 7 said<\/a> the SEC\u2019s policy of regulation by enforcement will possibly end as the courts are rejecting the SEC\u2019s unfair approach toward crypto. He also urges the U.S. Congress to act on the SEC and Chair Gary Gensler\u2019s practice to destroy the industry.<\/p>\n

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\u201cI sincerely hope we\u2019re seeing the beginning of the end of the SEC\u2019s policy of regulation by enforcement. The Courts are rejecting it, and now it\u2019s time for Congress to take the lead on crypto policy.\u201d<\/p>\n<\/blockquote>\n

XRP lawyer Bill Morgan also noted<\/a> that the SEC is losing badly in the courts but continues to appeal against courts\u2019 rulings. He said the SEC\u2019s approach is \u201cabsolutely lamentable.\u201d Judges have called the US SEC\u2019s claims \u201carbitrary and capricious\u201d in the Grayscale lawsuit and Judge Netburn in the Ripple lawsuit used the word \u201chypocrisy\u201d to describe the SEC\u2019s inconsistent positions.<\/p>\n

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I surmise the SEC tide has turned.<\/p>\n

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For example, the SEC’s lawsuit against Impact Theory concluded with a $5 million disgorgement (which is nothing to laugh at), but that is based on total sales of almost $30 million.<\/p>\n

This seems a relatively kinder, gentler SEC. Almost cuddly. https:\/\/t.co\/HzVFCu6xRd<\/a><\/p>\n

\u2014 Jeremy Hogan (@attorneyjeremy1) September 6, 2023<\/a><\/p>\n<\/blockquote>\n

Ripple executives are confident of victory against the US SEC. The securities regulator has failed to explain the reasoning in the lawsuits and clarify whether the current regulations are sufficient to regulate crypto.<\/p>\n

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Chris Larsen in an interview on Bloomberg on September 6 blamed the US government and the SEC for hostile policy preventing San Francisco from becoming the \u201cblockchain capital of the world.\u201d<\/p>\n

XRP price<\/a> fell 0.5%% in the past 24 hours, with the price currently trading at $0.49. The 24-hour low and high are $0.493 and $0.503, respectively.<\/p>\n

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