The fate of the Ripple vs SEC lawsuit is still unclear, with both camps unsure regarding the case. A federal judge revealed some evidence this month, causing a frenzy in the cryptocurrency market. However, the SEC has continued to use cunning methods to delay Ripple’s lawsuit.
Elon Musk is going after the SEC
Elon Musk has now joined Ripple and entered the United States Securities and Exchange Commission (SEC) directly. Elon Musk believes that the SEC is attempting to regulate cryptocurrencies and that it has crossed their jurisdiction and needs to be stopped.
Currently, the CEO of Tesla is the richest person in the world. He made some hints on Twitter about his planned attacks on the SEC. According to his tweets, Ripple is not alone in its battle against the SEC.
Elon Musk’s position in favor of Ripple does not surprise anyone. He has been a Bitcoin enthusiast and supporter of cryptocurrencies for a long time. Last year, he began accepting Bitcoin as payment for his Tesla cars. He also owns Ethereum and Dogecoin, two of the top ten altcoins. In 2021, when he endorsed Dogecoin (a memecoin), the market saw its value appreciate and mass adoption increased.
Elon Musk and Tesla have also been involved in a long legal fight with the SEC. He made it clear that he has been building a case against the SEC for some time. In his tweeted word, he states, “I didn’t start it, but I’ll finish it.”
According to a random Twitter hypothesis from DoctorJack16, Elon Musk has been amassing evidence to go against the SEC publicly. Elon himself found that it was precisely what he had been doing.
Elon Musk responded to another tweet saying that starting a fight with the SEC was not a good idea. To which Musk replied that he did not start the fight, but that he plans to finish it.
The case of Ripple, pessimism?
The Securities and Exchange Commission has long taken the position that cryptocurrencies are not their cup of tea. As a result, the SEC’s efforts to prevent the conclusion of the Ripple case were not unexpected. The SEC filed an appeal, which was later rejected.
District Judge Analisa Torres of the Southern District of New York denied the SEC’s strike motion. The motion denied indicates that Judge Analisa has also been angry with the opposing arguments and the SEC notices.
The SEC lawsuit against Ripple has already caused a significant delay. It has been going on for months while XRP investors have seen negative changes in the price of their coin.
In a recent interview, Joseph A. Hall, a former SEC executive, explained his position on the matter. He is sympathetic to the cryptocurrency sector and believes that this regulatory ambiguity inhibits the progress of blockchain in the United States.
Hall believes that if the SEC loses on its own merits, it will be difficult to recover. Furthermore, Hall does not believe that an orderly solution to this case will be reached in 2022. Nevertheless, he feels that there will be a glimmer of hope for crypto investors at the end of the case.