Former SEC Official Joseph Hall stated his optimism about Ripple’s case against the US Securities and Exchange Commission.
Since December 22, 2020, Ripple and the SEC have been in a constant back-and-forth exchange over whether this famous is a security. However, Ripple’s defense is that the SEC did not notify the company before filing the suit.
Legally, the SEC is under a juridical obligation to inform entities and organizations before investigating them.
Because of these premises, Joseph Hall is positive that Ripple will win the case against the SEC. The SEC was aware of Ripple’s existence since 2012 could significantly damage the government’s case.
On the other hand, investors can finally see these advantages as a light at the end of the tunnel. Since the public caught wind of Ripple’s lawsuit, XRP prices plummeted to extreme lows, anticipating what that could mean for digital currency.
During the weekend, there were over 120 million XRP tokens transferred over various cryptocurrency platforms in anticipation of the lawsuit’s positive outcome. Last February, the most significant transfer was a transfer of 15 million XRP tokens amounting to $11,487,869.
More importantly, Ripple’s win over the SEC would also win other current and emerging cryptocurrencies.
If Ripple remains independent from any regulation, the other cryptocurrencies can continue to function normally.