Investors in XRP who are looking for a quicker resolution to the SEC v. Ripple courtroom battle will have to wait a little longer than they would like. According to Stuart Alderoty, Ripple's General Counsel, the dispute might go on until 2023.
Ripple Is Trying Hard To Put An End To The Lawsuit Regardless of the SEC's Delays
Alderoty thanked everyone who has been following the SEC action so far, and said Ripple and the court are working diligently to conclude the lengthy legal struggle as quickly as possible.
The SEC, on the other hand, has been employing every trick in the book to prolong the long-running feud – much to the expense of investors. The case is now expected to end in 2023, according to the senior Ripple lawyer.
In a lengthy tweetstorm on Saturday, Alderoty underlined that the SEC is affecting XRP holders with each passing day of the case, claiming that the agency's enforcement tactics have effectively pulled the rug out from under them. The XRP market was hammered on the day the complaint was filed, dealing a devastating blow to the investors whom the SEC claims to safeguard.
He then recalls that when the securities regulator filed its case in December 2020, they were unable to obtain a court injunction to prevent XRP trading in the United States. Regardless, the coin was delisted from a number of cryptocurrency exchanges immediately after the SEC accused Ripple of illegally obtaining $1.3 billion through an unregistered securities offering. Regardless, the agency was able to achieve its goal in this manner.
The SEC's Crypto Uncertainty Is Forcing Talent And Wealth To Leave The United States
Ripple's General Counsel then chastised the SEC for failing to provide regulatory clarity in the United States, a key part of the company's defense. Despite the "veil of uncertainty" that the agency has cast over the business, the recently signed executive order estimates that at least 40 million Americans currently possess cryptocurrency.
Notably, the Securities and Exchange Commission (SEC) claims that most crypto assets are securities and that some exchanges are acting unlawfully. It hasn't specified which ones, and it hasn't attempted to shut down any exchanges. Despite the fact that the SEC is well aware that it has no actual jurisdiction over the embryonic crypto sector, it will continue to use every trick in the book to confuse the market.
According to the attorney, the regulator's harsh attitude has resulted in a "huge movement of crypto expertise, technology, and riches overseas to nations with logical regulatory frameworks." Entrepreneurs in the crypto field are being warned not to set up shop in the United States due to its lack of transparency, according to Aldorety.