SEC will not be able to achieve the results it had filed the lawsuit for, a SEC Secretary expresses privately.
Eleanor Terrett, business journalist at media outlet Fox Business tweeted a couple of days earlier that SEC’s secretary Hester Pierce has opined privately that she does not think SEC will get the results it is looking for. Terrett tweeted:
Turns out even staff at the SEC aren’t confident they will win the case against Ripple. A source close to the SEC tells me Hester Pierce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
🚨SCOOP: Turns out even staff at the @SECGov aren’t confident they will win the case against @Ripple. A source close to the SEC tells me @HesterPeirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
— Eleanor Terrett (@EleanorTerrett) March 7, 2022
Now, while this is not uncharacteristic of Secretary Pierce, yet this certainly is mind boggling. On multiple occasions previously, Pierce’s opinion had a tilt towards Ripple specifically and crypto generally.
Pierce had once stated that in her view Ripple’s native XRP is not a security in its nature and the reason SEC filed the lawsuit against the Company was solely concerned with the sale of that specific $1.3 billion worth of XRP tokens.
Because of her positive views about Crypto the lady is also famously known as the ‘Crypto Mom’.
It has been quite a long time now that the crypto regulation has become a talk of the street in the US. It actually escalated after the SEC filed the lawsuit against Ripple in late December 2021.
Most of the market representatives are of the view that crypto should not be regulated through litigation rather the market should have a clear regulatory framework to operate under.
Notably, SEC Chairman Gary Gensler has previously stated that the crypto market does not require any further regulatory laws, as the existing ones are sufficient enough.
Moreover, the discovery phase of the SEC-Ripple lawsuit just ended on February 28 and the lawsuit is expected to reach the conclusion by November this year.