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Ripple Labs’ legal battle with the U.S. Securities and Exchange Commission’s (SEC) over allegedly selling XRP as an unregistered security is going to leave a big mark on the crypto industry. This is what Ripple’s deputy general counsel said in a recent interview.
Speaking with Modern Counsel, Deborah McCrimmon accused the SEC of abusing its powers in an attempt to regulate the crypto space. She said:
“[The SEC] is reaching far beyond the authority that was granted to them by Congress.”
Nevertheless, whatever the outcome, it will be impactful she continued:
“It’s a cutting-edge, industry-defining case. It’s going to be precedential, not just for Ripple, but for the entire crypto industry. It’s being watched by the entire industry.”
Furthermore, McCrimmon called the SEC’s attitude ”terrible” and stressed the importance of the regulator to provide the industry with clear guidelines instead of chasing after businesses.
After motions going back and forth, the judge Magistrate ruled that the SEC is to hand over internal documents related to the infamous Hinman speech, where the former SEC director William Hinman said that Ethereum is not considered to be a security. McCrimmon stresses the importance of these documents and said that they are “well worth the fight”.
The court case could be coming to an end before the new year, as both parties have filed motions asking Judge Analise Torres to make a swift ruling, based on accompanying documents.