SEC’s XRP Lawsuit: Crypto Analyst Says “We Should All Be Rooting for Ripple To Win”
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In a recent video full of interesting predictions for 2022, prominent New Zealand based crypto analyst and influencer Lark Davis explained to the over 476K subscribers of his YouTube channel why the crypto community should be “rooting for Ripple to win” the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against the Californian FinTech firm.
This video was about a Twitter thread Davis had posted on December 16 in which he revealed his top eight “shocking” crypto-related predictions for 2022.
One of these predictions was about Ripple. As you may remember, on 22 December 2020, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
In the video released on December 27, Davis says that Ripple will win this lawsuit or at aleast he sincerely hopes the FinTech fiorm will do so. Davis says that the SEC has been behaving like a “school yard bully” and that the stance the SEC (and in particular its chairman Gary Gensler) has taken — which is that nearly all cryptoassets currently listed on exchanges are unregistered securities — severly limits the participation of U.S. based investors in the crypto space (for example, he says that they are not allowed to take part in ICOs).
Davis went on to say that if Ripple wins this case, it will “set a major predecent” and it will put the SEC “in its place”. He says that is why everyone in the crypto community should be “rooting for” Ripple to win. He believes that would be a “net positive” for the crypto industry. On the other hand, if the SEC wins against Ripple, he believes that this will givbe them the confidence to bring lawsuits against a wide variety of tokens.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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