Former SEC Insider Reveals News About Regulator And Ripple Case | CryptoGazette
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It’s been just revealed that there is a former US SEC exec Joseph Hall who said that he is perplexed by the SEC’s lawsuit against Ripple.
As the online publication the Daily Hodl notes, he sued the San Francisco-based payments company in December of 2020 for allegedly issuing XRP as unregistered security and claims XRP remains unregistered security to this day.
Ripple’s fair notice defense
It’s been revealed that in a new interview with the Thinking Crypto podcast, Hall says that he’s “sympathetic” to Ripple’s “fair notice defense.”
“I’m very sympathetic to that argument. It’s a basic due process argument. The Ripple network was operating for years before the last-minute filing of a lawsuit against them.”
According to the same online publication, Hall worked for the SEC from 2003-2005. It’s also worth noting the fact that he concluded his time at the Commission as managing executive for policy, he’s now a partner at the law firm Davis Polk.
The lawyer also made sure to say that the SEC has a lot riding on the Ripple case, whose mission is to protect investors.
“Their entire regulatory project could be basically shut down if they lose on the merits here. And I continue to think there’s a pretty good chance that they will lose on the merits.”
He predicted that there will be appeals on the case “no matter what happens at the district court level.”
“I wouldn’t be banking on a tidy resolution of this case over the course of this year. Settlement is always a possibility. That could happen out of the blue, but from an outsider’s perspective, which is all I have on it, both sides seem to pretty dug into it right now.”
Check out the official notes in order to learn more about the available details about this case. Stay tuned for more news.
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