- A Fox Business reporter says the company is in trouble simply because Ripple did not stop selling XRP after the SEC lawsuit.
- The cryptocurrency community points to the reporter’s fallacies regarding comparisons to the Ethereum Foundation.
The collapse of cryptocurrency exchange FTX has plagued regulators around the world. Additionally, the FTX contagion is widespread, affecting many cryptocurrency companies in the industry. However, despite this turmoil, the U.S. Securities and Exchange Commission has decided to prioritize its fight against Ripple, heading for an expected summary judgment.
In a tweet on Wednesday, January 4, Fox Business journalist Charles Gasparino revealed undisclosed details of the XRP lawsuit. He said he was conducting a thorough review of the Ripple v. SEC litigation, but wondered why the commission was so focused on the XRP litigation rather than his FTX. I’m here.
Gasparino said in the report that the commission believes Ripple management disrespects SEC officials by continuing to sell XRP. This also happened when the SEC issued a stop selling notice to his Ripple. He said the commission was keen to establish XRP as a security based on how Ripple markets its native digital assets.
However, a Fox Business reporter added that the Ethereum Foundation faced a similar situation to the SEC and later stopped. Don’t choose one or the other. I will only report why the lawsuit was filed,” he said. add.
Ripple General Counsel Rebuts
Gasparino’s comments did not sit well with the XRP community. The XRP community hit back at Charles He Gasparino, adding that the reporter’s statements weren’t entirely correct. Many pointed out that, similar to Ripple, the Ethereum Foundation launched one of his ICOs, after which he continued to sell ETH. Additionally, many have noted that the Ethereum Foundation unloaded millions of his ETH tokens at the height of the 2017 bull market.
1 user @801_XRP I have written: “I don’t know if Charles drank the Kouraid @fox business Just another CNBC-only credible piece of news. Regardless of what they were told and what they did. Pay the fine and move on. There is evidence out there that Ripple and XRP play an important role in the global financial system. Ripple General Counsel Stuart Alderoty commented on this report by Gasparino. I got it:
Even if true, this suggests that the SEC’s unelected bureaucrats have the unbridled power to issue behind-closed-door edicts indiscriminately under the pain of punishment for those who blindly disobey. It just shows what you believe. We’ve gone from coercive regulation to foulest arrogance.
It’s been two years since Ripple and the SEC embarked on a lengthy legal battle. Market analysts believe that Ripple is close to winning this battle, possibly with a conclusion this year, 2023.