• Thu. May 30th, 2024

US Congressman Believes that Ripple Lawsuit will Give New Direction to Crypto Industry

Christian Klausen

ByChristian Klausen

Aug 17, 2021

During a recent interview with the media, Congressman, Tom Emmer, claimed that the outcome of the Ripple versus SEC case is going to be a watershed moment for the entire crypto industry. He claimed that the ramification of this case could impact the new regulatory infrastructure for the blockchain trading and exchange platforms.

Emmer is a lawyer hailing from Minnesota, and he likes to leave the outcome prediction for the court where the case is still going on. He further claimed that this is a great way of introducing better crypto regulation and legal clarity in the United States. Despite identifying as a crypto-savvy politician, Emmer claimed that he does not consider XRP to be a digital asset at all.

SEC Gets Permission to Investigate All Employees of Ripple Labs

The Ripple vs SEC is a high-profile case with many eyes on every new development. Recently, SEC managed to get approval from the courts to investigate the 1 million employees of Ripple Labs. The regulatory agency is going through the slack messages of the employees during their tenure. According to the prosecution lawyers, this is a great way for them to jog the memory of their witnesses and help them collect important evidence.

On the other hand, the court also sanctioned Ripple to issue deposition for their former Chief William Hinman. Some media outlets have revealed that Ripple Labs executive Brad Garlinghouse who is one of the main defendants of the case, told investors that he was firmly long on XRP all the while he made a fortune by selling off the token in the open market. If this allegation is proved, it could convict Garlinghouse for speculative trading.

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There is no doubt that the outcome of the Ripple Labs case can set the entire crypto industry on a new course altogether. SEC also offered Ripple Labs a chance to settle the case. However, Ripple Labs has rejected the offer and is not prepared to move 1 inch from its strong stance. The new regulatory pressure from the US government has not made any noteworthy impact either.

Gary Gensler, SEC Chief, recently made comments that the regulatory agency under his command is preparing to bring crypto scammers to justice and bring more lawsuits. At this point, SEC’s reputation is at stake since XRP has been rallying regardless this year regardless of the ongoing lawsuit.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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