A Journalist from Fox Business Explained the Potential Damage Ripple Could Cause to the SEC
The United States Securities and Exchange Commission (SEC) continues to take the lead in the legal battle against Ripple and continues with the much-anticipated summary judgment. Although many people in the community expect that Ripple will win, we cannot overcome the fact that the Securities and Exchange Commission can actually win.
The reporter outlines the worst case scenario if the SEC wins
In a tweet sent on January 5, 2023, Fox Business reporter Charles Gasparino describes the worst possible consequences if Ripple loses its case against the regulator. This example assumes that Ripple failed in its legal challenge. Then, supported by the results, the head of the Securities and Exchange Commission Gary Gensler will fight against Ethereum in court due to the sale of the cryptocurrency, said Gasparino. According to the journalist, this will make two of the promising crypto systems useless. He went on to say that the huge amount of cryptocurrencies currently in the market does not support anything.
Gasparino’s words are:
“Gary Gensler can, probably will target Ethereum for sale, undermining the two top technologies in crypto. Most of these coins do not support anything; Bitcoin technology is obsolete. Ripple and Ethereum exist. A scary thing.
Although he said that he is looking into the case of Ripple vs. SEC in detail, it wonders why the service focused more on the XRP case than the FTX case, which is the main point.
It should be noted that the Securities and Exchange Commission considers Ripple to have violated the rights of the company by continuing to sell XRP despite the warning. This happened despite the Securities and Exchange Commission warning Ripple to stop selling, the company is eager to create XRP as a security based on how Ripple sells its country’s digital currency. Gasparino’s prediction is unlikely to come true, as many commented in the comments section of his tweet. Remember that crypto lawyer John Deaton started a Twitter thread asking the community if they expected Ripple to catch on this year. Most respondents said yes. Only time will tell what the outcome of this case will be.