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HomeCrypto NewsRipple Vs. SEC: Filan Says SEC Wants to ’Kill' Crypto in The...

Ripple Vs. SEC: Filan Says SEC Wants to ’Kill’ Crypto in The US

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James K. Filan, a former federal prosecutor who now practises defence law, is adamant that the SEC does not want to regulate cryptocurrency; rather, it wants to eradicate it in the country.

Defense lawyer James K. Filan said in a tweet on December 21 that the Securities and Exchange Commission (SEC) is attempting to destroy the digital asset markets in the United States by focusing on cryptocurrencies like Ripple.

Read more: Whales Moved 412M XRP Despite Unresolved Ripple vs SEC Case

No Change in SEC’s Stance on Cryptocurrencies

The SEC has reiterated its steadfast stance of open hostility toward LBRY and the cryptocurrency market as a whole. In his court petition, James K. Filan proposed a $22,151,971 fine for the platform, claiming that it is a fair and appropriate punishment given the circumstances.

The platform lost its action against the SEC late last month after failing to persuade an appeals court that its LBRY tokens did not meet the criteria for unregistered securities.

The United States Securities and Exchange Commission won its action against the blockchain payment network LBRY on November 7 thanks to a decision by the New Hampshire district court. It adds to the SEC’s past triumphs in comparable lawsuits against Telegram and Kik.

 According to YouTuber and XRP community lawyer Jeremy Hogan, LBRY is allegedly being sued by the security agency in order to prevent it from selling any more of its tokens.

Ripple vs. SEC: The Trial is Almost Over 

Also approaching is the eagerly anticipated summary judgement decision in the Ripple case.

If Ripple does not offer proof that the Howey test is applicable, it might struggle to achieve traction in the US market. The case of Ripple may provide insight into the SEC’s position.

The regulator wants to define all XRP token purchases, sales, and exchanges, starting with their creation and encompassing both primary and secondary markets, as securities transactions. The question of whether Ripple would file an appeal to a higher court and, if necessary, the Supreme Court arises if the company were to lose in district court.

Recently, the cost of XRP has dropped; at the time of writing, it was trading at $0.34.

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