The famous crypto influencer and investor reiterates that the SEC lawsuit against Ripple is an attack on crypto in the United States.
Ripple’s win against the SEC, a net win for Crypto
In his last new year Video labeled “8 shocking bitcoin crypto predictions for 2022“ Lark Davis spoke at length about what the crypto community can expect in 2022. He made 8 interesting predictions on different topics. One of them is about Ripple. He told his supporters that, in his opinion, it is Ripple who will emerge victorious from the SEC Ripple process.
– Lark Davis (@TheCryptoLark) December 16, 2021
Reinforcing Ripple CEO Brad Garlinghouse’s remarks that Ripple’s fight against the SEC applies to not just itself but to crypto as a whole, Davis suggested that we all (the crypto community) should be “Root for Ripple to Win” since Ripple’s profit is a “net positive” for crypto.
While he stated that the SEC has acted like a “schoolyard bully” lately, the regulator’s stance, particularly its chairman Gary Gensler, on crypto is limiting US investors’ involvement in crypto in the country. He added that US-based investors are not even allowed to participate in initial coin offerings or ICOs, for example
Why is it important?
He went on to say that if Ripple wins the lawsuit against the SEC, it would set a precedent sufficient to keep the SEC in place, while on the contrary, if the SEC wins, it would trust the regulator and they will continue to initiate further lawsuits against other cryptos. Recently, Coinbase was forced to suspend the launch of its highly anticipated lending platform amid threats from the SEC to file a lawsuit against the company.
It’s worth remembering that in late December 2021, the US securities regulator filed a lawsuit against Ripple, alleged CEO Garlinghouse, co-founder Chris Larsen, and the company itself, selling $ 1.38 billion worth of XRPs as securities while the company was unable to register XRP as a security with any of the relevant regulatory agencies.