The former SEC chief said the commission will do anything to make Ripple lose. Ripple’s loss of the case is closely related to other altcoin projects. Here are the details…
Robert Cohen says Ripple will lose
According to the former chairman of the Securities and Exchange Commission, the SEC is unlikely to lose the Ripple case. According to Robert Cohen, former head of the SEC’s Enforcement Office, DEX will do everything it can to ensure it prevails in legal action. Cohen said that if Ripple wins in court, it will look to federal securities laws to make sure the SEC gets a positive decision.
Ex-SEC Chief of the Division of Enforcement Robert Cohen responds to a question about the implications of the #SEC losing to #RIPPLE @JohnEDeaton1 @DigPerspectives @digitalassetbuy @MarketsMickle @XRPNews_ @WorkingMoneyCH pic.twitter.com/enOyQdV7w2
— wEeZiE {X}💭GaryGenslerResign (@NerdNationUnbox) July 2, 2022
The lawsuit is closely related to the altcoin market
The Ripple-SEC lawsuit is one of the biggest in crypto history. The outcome of the lawsuit is expected to have a significant impact on how cryptocurrency rules are enforced in the United States. If Ripple is successful, the SEC will draft clearer laws for the cryptocurrency market. However, the loss of the altcoin project could pave the way for more than 20,000 projects to be classified as securities. This will result in projects being subject to the same regulations as sou Ripple.
Cohen thinks the Securities SEC will do so, even if it means “using the full force of federal securities laws to right the wrongs of court decisions.” There is, however, intense global interest in the case.
SEC did not admit defeat in previous processes
The former SEC chairman pointed out a previous lawsuit that Ripple filed against Blockvest LLC. The court denied the SEC’s request for injunctive relief against Blockvest on November 27, 2018. It also marked the first time the SEC has lost a legal battle against an altcoin company. However, Blockvest’s victory was short-lived since the SEC proposed a partial review of the court’s decision the following month.
The court upheld the SEC’s reconsideration motion less than three months later. The SEC continued to prevail against cryptocurrency businesses. Because this time the court had to rely on new documents and evidence it had previously ignored.
Recent documents revealed in Ripple and SEC lawsuit
Last week, the SEC submitted 10 sample documents requested by the court for camera review.
The 10 sample documents are grouped into three categories for the convenience of the court. Announcing the details of the categorized documents, the SEC noted that the first category of documents included draft emails in which David Fredrickson, the agency’s former Chief Counsel to the Financial Institution, discussed the necessary legal issues of the speech.
The second category of sample documents includes an email from some of the SEC commission dated June 11, 2018. However, all the efforts of the blockchain company to get the SEC to hand over the documents that resulted in the formulation of the speech yielded no positive results.
However, no decision was taken as the conference was postponed to a later date. Interestingly, the Ripple community is enthusiastic that the court may force the SEC to hand over the documents to Ripple.
