According to attorney Joseph Hall, a former United States Securities and Exchange Commission (SEC) official, it is highly likely that the SEC will lose all of its winnings in the lawsuit against Ripple. This is seen as a victory for Ripple in the lengthy court case.

The SEC’s former official claims regulator could lose everything in the Ripple case

The legal battle between the SEC and Ripple has been going on for over a year since December 2020, when the Commission filed a lawsuit against the company, as well as two executives, Brad Garlinghouse and Chris Larsen, who allege they had 1 $.3 billion traded as an unregistered security.

So far, Hall believes Ripple appears to have the upper hand in this fight. In particular, he previously served two years at the SEC as Executive Director of Policy under President William H. Donaldson.

In a recent live discussion with Tony Edward, the former SEC official said he was quite confused as to why the SEC decided to sue Ripple because the SEC faces a high risk of losing the lawsuit. “I’ve been following this case for quite some time. The entire process of pursuing them from Ripple could essentially be halted,” he said

Additionally, Hall stressed that more significant actions between Ripple and the SEC are eagerly awaited this year as the discovery phase of the case concludes. However, due to the slow progress of the litigation, the closing date is unlikely to be completed before the end of 2022. “There will be no serious settlement negotiations until the SEC is asked to complete the asset transfer. whether specific authenticity.” Hall added.

Earlier this month, the SEC compared the lawsuit against Ripple to that of blockchain firm LBRY Inc. Last year, regulators accused LBRY of orchestrating an unregistered security sale, a move that has threatened Americans’ ability to trade cryptocurrency could. Jeremy Kauffman, CEO of LBRY, lightly responded by arguing that since LBRY did not conduct an ICO, corporate tokens are not securities. As a result, to date, the SEC has not filed any further charges against LBRY.

The SEC asked that a sur-sur answer be filed to cite the decision of another district judge from a different circuit making a completely different defense while not making the very similar defense in question. The SEC should apologize to her for having to enter Denied. https://t.co/sRAjPqP8mS

— John E Deaton (@JohnEDeaton1) February 23, 2022

Contrary to the SEC’s indecisive action, Jeremy Hogan, Ripple’s top attorney, is confident that Ripple’s Fair Notice Protections and the strength of the community will be strong enough to help the company weather the allegations.

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