Ripple worked closely with the SEC for years and then something abruptly changed. Ripple started to unwind their MoneyGram partnership, Chris Larsen announced Ripple was leaving the US & Chairman Jay Clayton launched a horribly amateur lawsuit the day he was walking out the door.
Yes, it’s clear from the LBRY CEO that the SEC acts like bullies. Ripple likely stopped cooperating once they suspected Clayton was just farming them for intellectual property and the SEC sued in revenge.
Attorney Jeremy Hogan takes on the latest important events in the XRP / Ripple v. SEC case including 1. What Ripple is trying to do, 2. What the SEC is trying to do, and 3. The Smoking Gun hiding in the email/documents the SEC is trying to hide.
Let’s Not Forget the Bigger Picture Behind the Ripple Lawsuit
It’s possible that the government is being dumb – a common criticism in our modern politics. However, it’s also possible that the SEC may have a point. We must all remember that the federal government can’t just throw frivolous lawsuits at suspected fraudulent entities. For one thing, reputations are at stake. If the folks pressing for the lawsuit end up making Uncle Sam look ridiculous, they may never work in Washington again.
But a more critical issue is that the Ripple lawsuit may set the tone for future regulation (or non-regulation) of cryptos. That’s why we shouldn’t dismiss the SEC’s arguments outright.