The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is considered an important precedent for the crypto industry. If SEC Chairman Gary Gensler and his agency win the case, the crypto industry can expect an even tougher approach from the US regulator. On the other hand, if Ripple Labs wins, it would mean good news for the entire crypto world.
A close look at Gary Gensler’s public agenda
Last July, lawyer John E. Deaton launched CryptoLaw, a platform on which he made remarkable revelations about SEC chairman Gary Gensler. The so-called “Gensler Files” suggested that Gensler may have been acting in the interests of other parties.
Some analysts find it striking that Gensler, the SEC’s chief executive, had more than $100 million in funds at the time, which were primarily managed by the Vanguard Group, as the asset manager is known for its negative stance on cryptocurrencies. The fact that Gensler has met with this asset manager at least seven times reinforces the suggestion that he is favoring Wall Street giants and trying to harm crypto. Attorney John Deaton is not pleased with this and says the following:
It is important to note that Vanguard Group controls Gensler’s $100 million personal fortune and has allowed them inordinate access to his office since becoming SEC Chairman
– John Deaton
So Lawyer thinks the SEC is cracking down on Ripple and the crypto industry as a whole to keep Wall Street giants happy.
Ripple lawsuit is of great importance
The outcome of Ripple’s case against the SEC will have a major impact on the regulation of cryptocurrencies. This moment is crucial in the fight against the SEC, as Ripple could set a precedent for the regulation of other tokens. The outcome of this case is therefore of great importance for the future of digital currencies, as lawyer Deaton has also emphasized.
