Why XRP Lawsuit Is More Important Than Ever For SEC?
XRP Lawsuit: The arrest of FTX’s Former CEO, Sam Bankman-Fried (SBF) turned out to be the biggest positive news for the crypto market in a very long time. He was arrested by the Bahamian authority just before the day of his hearing before Congress. However, a Lawyer involved in the XRP lawsuit has suggested some more big actions to come ahead of the arrest.
SEC just tag along over SBF?
The U.S. Securities and Exchange Commission (SEC) pressed multiple charges against the SBF. The commission accused the FTX’s Ex-CEO of organizing a scheme to defraud equity investors, violating Securities law, and more.
Ripple General Counsel, Stuart Alderoty stated that the SEC’s tag along complaint against SBF is just in order to recover funds for FTX’s equity investors. This is not for the customers who have been left holding the bag amid bankruptcy court.
XRP lawsuit only chance for SEC?
However, SEC Chair, Gary Gensler in a statement mentioned that the agency is ready to take action against other crypto companies that are violating U.S Securities laws.
To this John Deaton, Amicus curiae and XRP holder’s lawyer replied that 4 months ago he predicted that the SEC will sue an exchange by the end of this year. However, the commission went on to sue Coinbase.
XRP lawyer mentioned that he didn’t expect that this will go down with the FTX fraud. At the same time, Gensler is planning to sue an exchange or exchange for months now. However, it is not the end yet, but this could happen by the end of the first quarter of 2023.
He added that after failing to take action against the FTX and SBF, the Ripple XRP lawsuit has become more important than ever for SEC. As this will be kind of last chance for the agency to impose regulations over the crypto market.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
