Twitter was agog with the news of XRP's win in court against the SEC. I feel the reason why it surprised a lot of people was that, crypto has been manhandled too much by the SEC lately, it felt like it might just about lose that one.
Why was this?
Gensler's rampage was beginning to create a vote of no confidence in a lot of people and this practically affected their hunger or desire to invest in crypto.
Of course, everyone who is ardently into Crypto knows that the SEC does not really know the difference between securities, assets, or commodities.
The SEC isn't Even Schooled about Decentralized Projects
For example, if the SEC were to know about the hive Blockchain, I'm sure they'll have no clue as to what we truly have here.
Gensler has proven that the SEC have been clueless, but because of the aim to stifle Crypto and slowly kill the psychological morale of institutional and private investors, suing exchanges and intimidating others to close up has been the tactical way they've employed to mastermind their aim in the US.
In reality, most of the things called securities by the SEC are not. Nevertheless, no one expected true justice for any crypto project in the US.
This is still because a large population of crypto owners still believes the SEC has something up their sleeves
...they still feel that there's one more round to go and this is when the deadly blow will hit Crypto.
This is expected. Since October of last year, we've been on a downward slide and many people have already thrown in the towel, sold their holdings, and just happy to be totally out.
Irrespective of the fact that I don't really like XRP, I still don't feel confident about it as a project, but we've all seen how causal events can be when it comes to crypto.
Because we're still interconnected, a big and recognizable project taking the beating from any government institution is going to take money away from the market or prevent an investor from coming in.
So, most governmental bodies already know how this works: target a project and get other projects shaking in their pants.
However, XRP has turned out not to be a security and they've duly gotten the win they deserve. A lot of crypto investors do not fear regulations, in fact, some have called for it and even welcomed the idea.
Terrible projects and bad players have so far pillaged the system
......and for one, blurting them out seems only possible through regulations. We've seen what bad players can do when left unchecked. However, a lot of government bodies are thinking of outright bans rather than systemic regulations.
So, this is why a lot of people are probably thinking XRP was a goner, but you can see how the FOMO of its win took the price from the tethers and secured some sweet profits.
You see, a lot of people do not mind the bear market, they just want to keep silently winning without having to keep waking to the news of one exchange filing bankruptcy because they've been charged.
This bear market has been challenging
...as the last one was cut short. Here's again why I say I'm not a fan of XRP, but again it shows that the SEC is not invincible and exchanges and projects need to do right, keep their books flawless and provide no exploitable loopholes for the SEC to nip at.
This isn't to say it's over.
We truly do not know what the SEC have in their arsenal, whether it's a psychological caution or not, it's the whole truth.
They've proven to be relentless in their wild goose chase. This might be shown in how they've reacted to big Institutions applying for ETFs, will this lag? Will they get it or not? This remains to be seen.
For now, little wins puts the market in a positive mood, and we're all excited about this.
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Well, has anyone actually won against the SEC before? I doubt it.
I can say for sure that I for one thought this was an L in ripples case because of the history of the SEC in lawsuits.
But then why should the SEC wanna treat crypto like it’s some kind of stock. From where am sitting I think this is going to be a long standing war as SEC will continue coming after crypto.
This is not over between the two parties as SEC was given a partial win in this case and they will look to exploit it in their favour.
Well, you're right too. At least it'll give projects the need to solidify their projects before launching and risking investors monies. And sometimes, it's good people know there's a hunt, even though it doesn't have to kill the bait
This is true, I made mention of the fact that the SEC will keep coming. They're a regulatory body afterall and they're going to be doing this in the guise that they're actually doing their job, this is true. Yet, the court case proves that XRP is not a security, this will go on to show that actual investigation will happen in case like this next time.
Yep yep true. I like the fact that someone did win this time. It will show to the whole world that even a regularity body such as SEC can be wrong.
If the SEC actually cared about their people, they wouldn't want them to lose money by baselessly chasing after numerous exchanges
Well chasing exchanges is all they can do. Before they can regulate crypto it will take a very long long time🙂.
The irony is that XRP was always hated by old crypto-gurus as an intruder in the blockchain-based crypto world, and now, this moment could be a turning point for the whole industry... 🙂
I have picked this post on behalf of the @OurPick project which will be highlighted in the next post!
Hahaha this is true, how things have changed, all I know is that a decent project could have some longevity and I think it's ironic now that everyone seem to be celebrating XRP.
Thanks for the curation.
Many thought Ripple will lose against the SEC but here we're with a win and the SEC's power over the crypto space is being given a rethink. I think it creates a model that other crypto projects can follow to stay out of reach or not bullied by the SEC.
Clear regulations will really be helpful for the crypto space but the way SEC is trying to do it isn't working for most.
Exactly, this win might gradually boost the confidence of other crypto projects that just wants to up and leave the space without even putting up any fight at all. Gensler's way of fighting crypto is just pure foolhardiness, regulations won't hurt so bad if it's done rightly.
Very true, there isn't much sense or clarity in what he's trying to do. Outright banning crypto has no basis. But they(SEC) definitely have something up their sleeves, looking forward to see what they'll be bringing next.
Yeah, the SEC is not going to be walking away with their tale between their legs... we will have to wait and see what happens next. However, hitting Binance and Coinbase was their trump card... so rather interested as to what they would actually do...
Well, no one considered XRP will pull this off, I believe Coinbase stands a good chance against the SEC in court, they've got a deck cupboard and a good case to present, as for CZ and binance, they have to be up and doing against the SEC.
The only thing I love from this story is the pump yesterday and it was a cool cash😍
Mehhhn bro, I wished I also had the money to take some profit from the pump. E pain me
SEC has successfully created an aversion and division among crypto investors, government, and nations.
The unworthy praise has boosted SEC to hunt any and every project seeking for loopholes rather than regulations.
Thank you for your explicit exposition on this sire
XRP has clearly come out better in this case. The good news is that the mood of the market is finally lifted, alts are joining the party, so everyone should take the win. It comes once in a while
We hope the party will last a while 😂😂😂
I am excited for the XRP win. It's a win for crypto and people can use this argument against the SEC. They could always appeal it but it does make things better for the rest of the crypto world. It does make things clearer on what a security is or not.
Even if the SEC has other plans, I do think the precedent this sets is significant and a great win for crypto overall.
Exactly, XRP already sets a good precedent already, I think this will give the idea that anyone, any project can just about win any case provided their case is legit.