By Alicia Maher
Stuart Alderoty has posted a thread on Twitter explaining why the Securities and Exchange Commission’s (SEC) action against Ripple will be over in 2023 and thanking everybody that has followed the case thus far.
Ripple is Working Hard to Get the Case Resolved
Thanking everyone who has been following the case’s progress, Alderoty emphasized that both XRP and the court are trying diligently, and he anticipates a settlement in 2023. The SEC, on the other hand, is working hard to postpone the conclusion of the court action.
In the thread, he claimed that the SEC is punishing United States-based cryptocurrency investors that are holding Ripple with each passing day of the case, claiming that when the action against Ripple was launched in December 2020, the $15B market capital of Ripple was dealt a fatal blow and that this was a shock to investors, whom the SEC professes to defend.
SEC Causing Havoc in the Cryptocurrency Sector
For starters, Alderoty had informed everyone that when Ripple Labs’ governmental body filed its lawsuit, it did not ask for authorization from a court to stop Ripple trading in the United States. Several cryptocurrency exchanges headquartered in the country and those located in other areas of the world — halted it, assisting the SEC in achieving its objective.
Besides fighting XRP, the SEC keeps the cryptocurrency industry in flux, prohibiting it from spreading in the United States. However, based on a recent Biden EO study, about 40M United States residents now own cryptocurrency.
Notwithstanding this, the SEC asserts that the majority of them are commodities and requests further regulation of cryptocurrency exchanges. Whereas the SEC won’t be successful at terminating any cryptocurrency exchanges in their territory, they’ll try to confuse the cryptocurrency market.
Cryptocurrency Expertise, Technology, and Capital Migrating Outside the United States
Condemning the United State government’s anti-crypto stance, XRP’s general counsel also noted that the cryptocurrency industry is currently experiencing a departure from the United States, with cryptocurrency expertise, technology, and capital migrating to nations where authorities can provide logical cryptocurrency regulation.
Ripple CEO Stands Against Cryptocurrency Polarization
Maximalism is a big challenge for the business, according to Ripple CEO Brad Garlinghouse, who recently spoke to CNBC. People who are too polarized will hurt the marketplace, says a 51-year-old executive who works for a company. Garlinghouse, who owns ETH and BTC, thinks that multiple cryptocurrencies can prosper; that’s the reason tribalism has no spot in the cryptocurrency world.
According to a previous Yahoo executive that also directed the production team at AOL, numerous businesses were successful at prospering at the same time amid the dot-com boom of the late 1990s since they were centered on diverse issues. According to the executive, there appears to be little collaboration among bitcoin sector leaders in Washington, DC. Garlinghouse thought it was shocking that the other party wasn’t cooperating.
Many people were mad at XRP after the United States SEC filed a case against it in late 2020. Ripple said that the SEC had chosen “winners and losers” when it sent a letter to investors in late 2020. On the other hand, Ripple supporters argue that by supposedly giving transparency to the leading 2 cryptos, the SEC has established an unjust system for other ventures.
According to the Ripple CEO, the collapse of maximalism is a good thing for the business. Garlinghouse talked against bitcoin ventures that have no benefit despite his opposition to tribalism. According to U.Today, Ripple CEO Brad Garlinghouse anticipated that 99% of cryptos would finally reach 0. He claimed that the majority of cryptocurrency projects lacked substance.