As the U.S. banking system, and an unknown ocean of derivatives investments teeter on the edge of a cataclysm, the SEC seems more concerned than ever with…Ripple?
It might appear to many to be a case of very warped regulator priorities.
Yet, under Gary Gensler, the obsession to destroy most of the cryptocurrency sector under the palpably false guise of “protecting investors” continues.
On 9 September, the agency filed a court memorandum arguing for the immediate bumping of the case up to a Federal appeals court, while aspects of the case are still to be determined by the original federal presiding Judge Analisa Torres.
The SEC also demanded that Ripple be barred from sales on crypto exchanges.
In July, Judge Torres issued a ruling that was seen as at least a partial victory for Ripple. She found that XRP tokens sold to regular (ie. non-financial institution) investors in a secondary manner on crypto exchanges did not violate securities laws or come under the jurisdiction of the SEC.
Ripple has urged the court for a stay of the entire case, pointing out that the court’s judgment was based on undeniable facts.
The SEC is using a contrary ruling by Judge Jed Rakoff in a different case concerning cryptocurrencies and securities as justification for their argument.
TRENDPOST: Coincu.com and other crypto focused news outlets have noted that many observers—and Ripple holders—consider the SEC’s obsessive pursuit of Ripple to be highly destructive and technologically retrograde. (See “SEC Fights Ripple With New Memorandum In The Lawsuit,” 8 Sep 2023.)
The SEC is doing the bidding not of investors or average citizens, but of a traditional financial and monetary system that long ignored the crypto sector as “play money,” but is now feverishly trying to catch up and create central banking “alternatives.”
Trends In Cryptos has maintained that in an increasingly multipolar world, and especially in one where the U.S. seems determined to squander its advantages with profligate spending, currency inflation and wars against small business owners and investors, one nation or even one international alliance will not decide the fate of crypto technology.
And the nations and regions that allow and synergize with crypto innovation, will benefit.