The Ripple Labs vs SEC case has been a matter of discussion among members of the crypto community for a considerable time. Some crypto proponents opine that SEC is planning to set a precedent through the case about cryptocurrency regulations in the United States. To this end, Jake Chervinsky, head of the USA Blockchain Association, recently made a bombastic tweet.
Chervinsky tweeted that XRP Army and Ripple Labs lawyers are giving SEC a hell of a fight in response to the $1.3 billion unregistered securities lawsuit. His tweet was picked up by the XRP Army active on social media and gathered a lot of attention among the proponents of the controversial token.
The latest tweets from Jake Chervisky imply that SEC has been biased against independently operating cryptocurrency projects. He claimed that despite the fact what people think about Ripple Labs as a company and XRP as an altcoin, the strong response of XRP proponents against the authoritarian policies of SEC is exemplary.
It is worth mentioning that last year SEC wagged a legal battle against several influential tech industry moguls like Stefan Qin, Late John McAfee, Kik, and Block.One. SEC also charged Tesla CEO Elon Musk for a tweet that stated that he is planning to privatize Tesla at $420 with funds already secured. SEC claimed that the statement was false and misleading.
Sarah Netburn, the Magistrate Judge chairing the SEC vs Ripple Labs lawsuit, recently ruled a sanction that requires the state agency to provide former chairperson William Hinman’s speech. Former SEC Chief Hinman stated in a speech in 2018 that Ethereum was not a security and should be exempted from any legal implications.
Coinbase, the largest crypto exchange operating out of the United States, decided to postpone its lending feature last year due to the issuance of a legal notification by the SEC for unregistered securities scrutiny. The Coinbase lending platform had plans to list a stablecoin called USDC. The Ripple Labs defence litigators have based their victory on getting internal information about Bitcoin and Ethereum that exempted them from qualifying as unregistered securities.