TL;DR Breakdown
- Elon Musk joins Ripple and takes the fight to the SEC directly.
- SEC has had a long battle with cryptocurrencies.
- SEC’s motion for Sur-Sur-reply denied by District Judge Torres.
The fate of the Ripple vs. SEC lawsuit is still unclear, with both camps unsure regarding the case. A federal judge unsealed some evidence this month, sending the cryptocurrency market into a frenzy. However, the SEC has continued to utilize crafty methods to delay the Ripple lawsuit.
Elon Musk goes after SEC
Elon Musk has now joined Ripple and charged straight into the United States Securities and Exchange Commission (SEC). Elon Musk believes SEC is attempting to regulate cryptocurrencies and that it has crossed its jurisdiction and needs to be stopped.
Currently, the Tesla chief executive is the world’s richest person. He made a few hints on Twitter about his intended attacks against the SEC. According to his tweets, Ripple is not alone in its battle against the SEC.
Elon Musk’s position in favor of Ripple is no surprise to anyone. He has been a Bitcoin enthusiast and crypto supporter for a long time. Last year, he began accepting Bitcoin as payment for his Tesla cars. He also holds Ethereum and Dogecoin, two top ten altcoins. In 2021, when he backed Dogecoin (a memecoin), the market saw its value appreciate, and mass adoption increased.
Elon Musk and Tesla have also been involved in a lengthy legal fight with the SEC. He made it clear that he has been building a case against the SEC for some time now. In his tweeted word, he states, “I didn’t start it, but I will end it.”
According to a random Twitter hypothesis from DoctorJack16, Elon Musk has been ramping up with evidence to go against the SEC publicly. Elon himself verified that it was precisely what he had been doing.
Elon Musk responded to another tweet, which stated that starting a fight with the SEC was not a good idea. To which Musk replied that he didn’t start the fight, but he does plan on ending it.
Ripple’s case doom and gloom?
The Securities and Exchange Commission has long taken the position that cryptocurrencies are not its cup of tea. As a result, the SEC’s efforts to impede the conclusion of the Ripple case were not unexpected. An appeal was filed by the SEC, which was subsequently rejected.
District Judge Analisa Torres of the Southern District of New York denied the SEC’s motion to strike. The denied motion indicates that Judge Analisa has also been ill with the conflicting arguments and notifications of the SEC.
The SEC’s lawsuit against Ripple has already caused a significant delay. It’s been dragged on for months while XRP investors have seen their coin’s negative price swings.
In a recent interview, Joseph A. Hall, a former SEC executive, explained his position on the matter. He is sympathetic to the crypto sector and believes that this regulatory ambiguity inhibits blockchain‘s progress in the United States.
Hall believes that if the SEC loses on its merits, it will be difficult to recover. Additionally, Hall does not believe a tidy solution to this case will be reached in 2022. Nonetheless, he feels that there will be a glimmer of hope for crypto investors at the end ruling of the case.
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