The post XRP News: Who is the SEC Protecting in the Ripple Lawsuit? appeared first on Coinpedia Fintech News
In a recent interview, James Murphy, known as Metalawman, discussed the ongoing lawsuit involving the SEC and Ripple. He answered an important question: who exactly is the SEC defending in this case?
On The Good Morning Crypto Show, he was questioned whether the SEC is claiming to protect regular retail investors by targeting Ripple or if they are actually looking out for the institutional investors who got in early and profited significantly since 2014.
Murphy pointed out that while the SEC’s mission is to protect investors and promote orderly financial markets, the reality is different. The agency isn’t acting on behalf of retail XRP holders or the institutions that bought XRP at a discount. In fact, none of the institutions have ever sued Ripple for alleged securities violations because their investments have been profitable.
The legal expert argued that the SEC’s lawsuit should never have been initiated. He explained that the SEC has limited resources and should focus on cases with clear violations. In the crypto space, where scams and fraudulent schemes abound, the SEC chose to pursue a case with no real damages or losses involved.
He also compared this situation to the case against Coinbase, a publicly traded company with transparent financial reporting, suggesting that the SEC is not helping anyone with these actions. Murphy concluded that, without any losses suffered by victims, it would be impossible to return any funds, which raises questions about the validity of the case itself.
Conclusion:
The legal battle between Ripple and the SEC continues, with both sides preparing for appeals. The SEC plans to challenge the district court’s findings, while Ripple intends to file a cross appeal regarding the SEC’s claims. Despite ongoing regulatory challenges, XRP’s price has remained stable at around 54 cents.