The Security Exchange Commission (SEC)may have bitten more than what it can chew, this was revealed in a tweet by a well-respected Forb contributor Sam Lyman, in its law-suite with XRP, a digital company associated with Ripple.
According to Lyman, Gary Gensler’s accusation of the industry lacking regulatory compliance rather than clarity is still in motion.
But the agency’s effort to make digital assets as security and to subject them to security laws are being challenged unexpectedly by big players in the digital world.
Lyman said that the paradox between the SEC’s past statement and its position is becoming clear to the court.
The SEC may have bitten off more than it can chew in its campaign against XRP.
— Sam Lyman (@SamLyman33) May 21, 2023
Recall that SEC has Attempted to Conceal Hinman’s document, but failed after judge Analisa Torres gave Ripple authorization to make the document accessible to the public adding that the paper will be important in the forthcoming legal hearing as reported by cryptolifedigital last week.
This win became a celebrated achievement for Ripple and a bigger victory in the digital world.
Read Also: Five Major Wins For Ripples This Weekend
John Deaton, a Prominent Pro-XRP lawyer gives reasons why SEC is in a contradictory position.
Furthermore, he mentioned that the case goes beyond just an attempt to enforce the laws in the U.S.
According to Deaton if the case had focused on the specific sales made by Ripple, it would have been a done deal by now, but the commission decided to use the case as a weapon with hidden questionable motives.
Deaton went ahead to mention the doubt of the former SEC’s Commissioner Joe Grundfest, about the motive behind the case.
In conclusion, Deaton highlights the formidable strength of the XRP forces which was unexpected. He notes that more than 75,000 people from this community have come together to support Ripple.
However, these numbers were unexpected by SEC, as they were caught Off-guard. This proceeding so far seems to be in Favor of XRP.