The SEC Would Rather Ban Than Regulate Cryptocurrency in the US
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
According to James K. Filan, a former federal prosecutor who now practices defense law, the SEC does not want to regulate cryptocurrency; rather, it wants to outlaw it in the United States. On December 21, James K. Filan tweeted that the Securities and Exchange Commission (SEC) is attempting to destroy the American digital asset markets by emphasizing cryptocurrencies such as Ripple.
SEC wants to 'kill' crypto in the US, lawyer says
A former federal prosecutor and defense lawyer James K. Filan insists that the SEC does not want … https://t.co/Mff9JsJSkc #Blockchain #Crypto #Crypto.news #Cryptocurrency #Token #XRP #cryptonews #lolacoin pic.twitter.com/Gvihx8FMpd
— Lola Coin (@LolaCoinOrg) December 20, 2022
SEC Policy On Cryptocurrency Remains Unchanged
The Securities and Exchange Commission (SEC) reiterated its strong stance of open hostility toward LBRY and the cryptocurrency industry. In his court petition, James K. Filan said that the platform should be fined $22,151,971. He said that this was a fair and appropriate punishment given the situation.
The SEC claims that "a penalty equal to LBRY’s full pecuniary gain of $22,151,971 is fair and reasonable under the circumstances." The SEC doesn't want to regulate crypto; it wants to kill it in the United States.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) December 20, 2022
The platform lost its action against the SEC late last month, on November 7, 2022, after failing to persuade an appeals court that its LBRY coins did not meet the criteria for unregistered securities. Thereby, 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.
YouTuber and lawyer for the XRP community Jeremy Hogan says that the security agency is trying to get an injunction against LBRY so that the company can’t sell any more tokens.
Ripple v. SEC Lawsuit Is Nearly Over
The regulator wants to classify all XRP token purchases, sales, and exchanges as securities transactions, starting with the creation of the tokens and including both primary and secondary markets. If Ripple loses in district court, the next question is whether it will try to appeal to a higher court and, if necessary, the Supreme Court.
The current XRP price is $0.3437, and the 24-hour trading volume is $810 million. In the last 24 hours, XRP has fallen by 0.20%. XRP is now ranked #7 in the market, with a live market cap of $17 billion.
