Regulation of the case between Ripple and the SEC may reflect badly on cryptocurrencies

The founder of the publication Gokhshtein Media, covering the cryptocurrency industry, David Goshtein shared his opinion on the ongoing confrontation between the SEC and Ripple. In his opinion, the regulation of litigation can negatively affect the cryptocurrency industry.

Gohshtein believes that if the US Securities and Exchange Commission wins, then the SEC will continue to pursue other cryptocurrency companies. Otherwise, the US Securities and Exchange Commission will have to establish clear rules that it will require from crypto companies operating in the US.

In addition, the court, if the SEC is defeated, may involve other funds-related commissions in the process of setting a certain set of rules. For example, the US Commodity Futures Trading Commission (CFTC) can come to the aid of the SEC.

Former Republican congressional candidate David Gochstein believes that the cryptocurrency industry is in dire need of a company that can win the lawsuit, not settle it. Thus, the world of cryptocurrencies will achieve a new level of recognition and will be reckoned with at the state level.

According to Gokhshtein, not only XRP lovers, but also all other enthusiasts of the world of digital assets should worry about the victory of Ripple, and the future of the crypto industry, at least in the United States, depends in some way on the outcome of this case. Ripple's victory could bring innovation to the world of digital currencies and take the industry to the next level.

Gary Gensler, Chairman of the SEC does not want Ripple to win in this case

According to Gary Gensler, the cryptocurrency industry is used solely for fraud, and for this reason, the US Securities and Exchange Commission wants to introduce asset regulation.

Recently, new rumors have surfaced regarding a lawsuit between Ripple and the US Securities and Exchange Commission. According to the head of Cardano Charles Hoskinson, the parties to the proceedings may come to a settlement of the problem. New information should appear on December 15th.

The case between the SEC and Ripple began 2 years ago. In December 2020, the US Securities and Exchange Commission filed a lawsuit accusing Ripple of conducting an ICO that did not pass registration. After a long time, the court moved to the stage of summary proceedings. Until March 31 next year, US Judge Analisa Torres will have to deliver a final verdict.

According to many representatives of the cryptocurrency industry, the US Securities and Exchange Commission must develop a set of rules and come to certain standards if they want to regulate cryptocurrency assets. The SEC, in turn, believes that there is no need for this and digital assets should be subject to the same regulation as ordinary securities.

CEO Brad Garlinghouse also spoke on this topic. In his opinion, the US Securities and Exchange Commission does not want to do the work to develop rules and the SEC is much easier to regulate crypto assets in a forced way that has been developed over the years and they do not care at all about the differences between the sphere of cryptocurrencies and ordinary securities.

That is why the cryptocurrency industry is in dire need of Ripple's victory. If this does not happen, then the SEC runs the risk of regulating the world of cryptocurrencies, which will negatively affect the development of the industry in the United States, one of the leading countries in economic terms.