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[Blockchain Today Correspondent Han Ji-hye] While the legal confrontation between the US Securities and Exchange Commission (SEC) and Ripple has been going on for over a year, an opinion has emerged arguing that the SEC may lose.
According to Cryptopotato reports on the 23rd (local time), former U.S. Securities and Exchange Commission (SEC) member and lawyer Joseph Hall appeared on a podcast on the 22nd and said, “In the lawsuit against Ripple, the SEC “There is a very high chance that you will lose something,” he said.
In December 2020, the SEC filed a lawsuit against Ripple and its management, alleging that “Ripple traded $1.3 billion of XRP tokens in securities without proper registration.” Then, in August 2021, Ripple countered that “some SEC employees were holding XRP”, and the SEC then secured Ripple’s internal message and accused “Ripple was trying to make XRP speculative.”
But Ripple appears to have the upper hand in this legal battle, according to Joseph Hall, who served two years as director of policy management for 27th SEC president William H. Donaldson.
Attorney Joseph Hall recently appeared on Tony Edwards’ podcast, saying, “It’s hard to understand why the SEC brought such a lawsuit. It’s very likely that the SEC will lose all its merits in this lawsuit.” It is worth noting that the courts stand firm against all accusations, but these efforts will not play any decisive role in the judge’s decision.”
“The case will not be resolved until the SEC must hand over the relevant documents, and it is very unlikely that it will be resolved before the end of 2022.”
According to Cryptopotato, in November of last year, Ripple CEO Brad Garlinghouse argued that “the lawsuit is moving in Ripple’s favor.” “The outcome of this lawsuit will not only affect Ripple, but the entire cryptocurrency market,” he emphasized.
The SEC compared the lawsuit to LBRY Inc., a blockchain organization, in early February. Early last year, the SEC accused LBRY Inc. of selling unregistered securities, and LBRY Inc. countered that “it was not a security because there was no initial coin offering (ICO).” At the time, LBRY Inc. claimed ‘Fair Notice Defense’.
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