The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has been the talk of the town since 2020 and as we have entered the month of June, the excitement and curiosity has increased given the importance of this month for Ripple.
The case has become a focal point within the cryptocurrency industry, sparking debates about regulatory actions and accountability. While the outcome of the case remains uncertain, it has already highlighted the complexities surrounding the regulation of digital assets.
Pro-XRP lawyer John Deaton highlighted an article which questioned the SEC’s behavior throughout the Ripple case and raised concerns about holding the agency accountable for its actions. The concept of sovereign immunity, which limits the ability to sue federal agencies, plays a role in this discussion, he said.
While certain laws, such as the Securities Act of 1933 and the Federal Tort Claims Act, regulate federal agencies, intentional wrongdoing is not covered under these acts. This has led to debates regarding the SEC’s actions and the potential need for greater accountability.
Deaton, in particular, has been a vocal advocate for XRP holders and has garnered significant support from the community. His Amicus curiae petition, backed by 75,000 individuals, sends a strong message to the SEC, asserting that XRP holders are willing to fight for their interests.
Legal Developments and Ripple’s Industry Connections:
Aside from the Ripple-SEC lawsuit, there have been other significant legal developments in the crypto industry. The SEC recently settled a case with a former Coinbase employee, emphasizing the weaknesses in the SEC’s theories regarding secondary market trading of cryptocurrencies.
Additionally, the Department of Justice filed charges against individuals involved in insider trading, shedding light on potential misconduct within the market. It is worth noting that Citibank’s partnership with Ripple-owned Medco and Citigroup’s investment in New Bank, which utilizes RippleNet, have gained attention within the industry.
Source: https://coinpedia.org/news/ripple-vs-sec-a-closer-look-at-the-legal-battle-and-the-secs-behavior-throughout/