🔥 XRP RIPPLE CAN’T BE CONTROLLED $27 TRILLION NOSTRO ACCOUNTS | XDC MOST UNDERVALUED PROJECT EVER 🔥
The SEC v. Ripple case was a mistake, according to ex-SEC Joseph Grundfest, who said in an interview that “no matter how it turns out, we’re gonna be losers”.
The former SEC Commissioner was one of the first to criticize the decision to go forward with the XRP lawsuit, having sent a letter to SEC Commissioners three days before the complaint was filed.
The case is at a key moment, with Judge Netburn about to confirm or reconsider her ruling on privileged information after a 180º turn by the SEC, which now states William Hinman’s 2018 speech was public guidance, not a personal opinion. The next ruling is seen as critical for a settlement between both parties.
Joseph Grundfest spoke about the XRP lawsuit and the SEC’s decision to go through with it. A move that turned out to be quite unpopular even among SEC officials. Grundfest said he criticized the XRP lawsuit not on the grounds of impropriety but on judgment.
“It is hardly a secret I had questions about the judgment involved in bringing the lawsuit against XRP. I had questions about the timing, implications, policy. Is this a matter that is best addressed from a social perspective by bringing a lawsuit or by saying “let’s look at our regulations”?
“The issue for me is let’s get a system that works and generates compliant crypto, and this lawsuit has a high probability that no matter who wins actually gets us farther away from a good solution”, he said.
Grundfest explained the lose-lose situation: If the SEC wins, “we get a crazy regime where we’ll try to fit square pegs on round holes”; If XRP wins, “then arguably one of the very few cops we have on the beat winds up being weakened…”
“No matter how it turns out, we’re gonna be losers”, he concluded, adding that “if you really care about making the world a better place [..] does this litigation really help us achieve any of these results? Let’s put it this way, I’m not persuaded.”
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