How SEC is going to win its case against the Winklevosses, and how the SEC will win the case against Ethereum? The questions mark a sea change in SEC’s thinking about its first major public action since May. In that case, SEC won a victory against the Winklevoss brothers for their attempt to launch a bitcoin ETF, even though they did not “the wink” to get it off the ground.
The Securities and Exchange Commission (SEC) has been accused of singling out cryptocurrency companies since its inception. However, the latest action taken against the SEC might be the most reckless. The SEC has announced that it will be targeting civil penalties against those who are issuing hot stocks.The U.S. Securities and Exchange Commission first accused Ripple Labs of illegal securities offerings nearly six months ago. The Securities and Exchange Commission has filed a complaint against Ripple Labs Inc. and two of its executives, who are also major shareholders, for allegedly raising more than $1.3 billion through an unregistered ongoing offering of securities for digital assets.
SEC enclosure may be defective
Many in the crypto community believe that the SEC’s track record is deficient on several levels. One could even say that the agency is aware of this. First, in a recent filing, the SEC informed Judge Netburn that losing the case would have far-reaching consequences, as future defendants could use Ripple’s defense as precedent. Moreover, Jay Clayton, the former Securities and Exchange Commission (SEC) chairman behind the lawsuit, recently co-wrote an article in which he seems to echo some of Ripple’s earlier arguments. In light of Ripple’s small legal victories in recent months, are these developments as confident as the SEC? According to many, the answer is no. Attorney John Deaton has already made headlines by filing a motion to intervene on behalf of XRP investors in the aforementioned lawsuit. In support of XRP holders, Deaton also argued that the SEC is questioning XRP’s independence. This has led XRP holders to intervene to develop a judicial understanding of the current use, technology and development of XRP. Although Deaton has consistently argued that the SEC and Ripple Labs, like the other defendants in the lawsuit, are not in a position to represent the XRP holders he represents, he also said the regulator was wrong to sue the San Francisco-based company. In a recent tweet on What’s the LAW, the managing partners of Deaton Law Firm again cited Judge Castel’s comments on the Telegram case to argue that the SEC’s case against Garlinghouse and Larsen, Ripple Labs and its executives were wrong at one point. Ultimately, this is all speculation, and neither side knows what the Court will do. If the court follows the case law, however, Deaton says the pendulum will swing in the defendant’s favor.
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