Ripple Giving Tough Time to SEC in Court, Says US Blockchain Association Head of Policy

UTC by Bhushan Akolkar · 3 min read
Ripple Giving Tough Time to SEC in Court, Says US Blockchain Association Head of Policy
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Blockchain Association’s head of policy said that Ripple is clearly not giving up and is giving the SEC the hardest time in the court, ever.

The David vs Goliath battle between Ripple and the SEC is taking fresh turns. A top official from the US Blockchain Association noted that Ripple is giving a pretty tough time to the SEC in the court case.

US Blockchain Association Head of Policy on Ripple

In one of his recent tweets on Ripple, Jake Chervinsky, the head of policy at Blockchain Association wrote:

“No matter your view on @Ripple, two things seem clear: – They’re giving the SEC more trouble than anyone in crypto, maybe more than anyone period, incl. Elon – They’re the leading dispute on securities law, if only b/c they’ll fight to the death unlike those who caved & settled”. 

Jake Chervinsky is a very prominent name who focuses majorly on the regulatory policies in the crypto space. Ripple has been embroiled in a solid war with the SEC over the last year. The SEC has slapped a lawsuit on Ripple accusing the company of selling XRP as an unregistered security.

However, Ripple has had a firm stand from the beginning and has claimed no wrongdoing in the entire process. Ripple has been arguing that XRP should get the same treatment from the securities regulator as available to Bitcoin or Ether.

Ripple has also been demanding access to the letter from former SEC chief William Hinman wherein he notes that Ether is not a security. The SEC, however, has refused the access citing confidentiality. But in another micro victory, US Magistrate Judge Sarah Netburn has ordered the SEC to hand over the draft of the letter by Hinman. Responding to it, Ripple General Counsel Stu Alderoty said:

“We’re pleased with the Court’s order, which grants Ripple access to important documents that the SEC was withholding. We will continue to aggressively defend this case – and we remain optimistic that resolution of this case will provide much needed clarity to the industry”.

Bitcoin Proponents Express Displeasure Over Ripple’s Recent Move

Recently, Bitcoin proponents have voiced their displeasure on research published that talks about the effect on BTC miners and electricity bills. The paper also cited Ripple’s University Blockchain Research Initiatives as one of its sources of funding.

Clearly, Bitcoin proponents aren’t happy with Ripple’s current move. Nic Carter, the founder of Coinmetrics, said that it is ill of Ripple to fund a “paid opposition research” on Bitcoin mining.

Many expect that the Ripple case with the SEC will come to a conclusion this year in 2022. Earlier this month, Ripple lawyer Jeremy Hogan said that the Ripple vs SEC case will be over by April 2022.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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