Ripple Lawyer Says XRP Lawsuit Will Set Precedents For Entire Crypto Industry – Here’s What She Thinks
Ripple’s vice president of litigation believes the outcome of the US Securities and Exchange Commission’s (SEC) lawsuit against the San Francisco-based payments firm will have a huge impact on the crypto space at large.
Deborah McCrimmon, Ripple’s deputy general counsel, argues in a new interview with Modern Counsel that the SEC is “reaching far beyond the authority given to them by Congress” and attempting to regulate the crypto space through enforcement.
says McCrimmon,
“It is a ground-breaking, industry-defining case. It’s going to be precedent-setting, not just for Ripple, but for the entire crypto industry. It is being monitored by the entire industry.”
The SEC first sued Ripple in December 2020, alleging that XRP was being sold as an unregistered security.
McCrimmon says the SEC’s approach has been “terrible,” and she’s calling on the regulator to release clear, industry-wide rules instead of suing companies.
Just last week, Ripple’s general counsel Stuart Alderoty said the firm had finally obtained access to a set of documents related to a 2018 speech given by former SEC director William Hinman. In the speech, Hinman stated that Ethereum (ETH), the second largest crypto asset by market capitalization, was not a security and thus not subject to the SEC’s jurisdiction.
The SEC had argued that the emails were protected by both advisory process privilege and attorney-client privilege. However, the judge disagreed and mandated the regulatory agency to hand them over.
Alderoty says the documents were “well worth the fight” to obtain.
On Friday, the SEC filed a legal brief in opposition to Ripple’s motion for summary judgment. Earlier this year, both parties filed for summary judgment, which is when an entity asks the court to dispose of the case without a full trial taking place, believing there are no material facts in dispute.
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