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Ripple Cannot Win Fight Against SEC, Says Bitcoin Advisor

Ripple Cannot Win Fight Against SEC, Says Bitcoin Advisor

Max Keiser, an advisor on Bitcoin to President Nayib Bukele of El Salvador, has voiced a downbeat perspective regarding XRP and Ripple’s ability to prevail over the U.S. regulator.

Keiser argued that XRP would not emerge victorious, stating that the issue lies not in the law itself but in the entities empowering the U.S. Securities Exchange Commission (SEC). According to Keiser, the SEC functions as Wall Street’s “paid thugs,” with Chairman Gary Gensler’s primary objective being to “kill” XRP.

XRP won’t win. It’s not a matter of law. The SEC is Wall Street’s paid thugs and Gary’s job is to kill XRP

“Ripple Must Share Financial Statements, XRP Institutional Sales Data, Court Rules on SEC Request

— Max Keiser (@maxkeiser) February 8, 2024

The Bitcoin advisor to El Salvador delivered these strong statements following reports that a U.S. court had ordered Ripple to disclose specific financial statements requested by the SEC.

Notably, the SEC demanded financial documents on Ripple’s sales of XRP to institutional investors for the years 2022 to 2023. It is worth adding that this timeframe encompasses the periods after the SEC’s initial litigation against Ripple in late 2020.

Consequently, Ripple objected to the SEC’s request. The payment firm asserted that it was untimely and that the regulator’s request lacked merit or sufficient justification. Ripple’s legal counsel asked the U.S. court to deny the SEC’s motion.

Nonetheless, on February 5, U.S. Judge Sarah Netburn resolved the dispute in favor of the SEC. Consequently, Ripple sought a deadline extension for the hearings initially scheduled for February 12.

Essentially, critics like Max Keiser do not see Ripple ultimately prevailing in the fight against SEC. However, the SEC’s victory against Ripple accounts for a rare win as the payment firm has repeatedly secured favorable rulings in the case. For instance, the U.S. court ruled in July 2023 that XRP is not inherently a security, breaking the SEC’s earlier argument.

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