Former federal prosecutor and defense attorney James K. Filan stressed that the SEC does not want to regulate crypto, but to eliminate it in the United States.
On December 21, defense attorney James K. Philan Tweeted that the Securities and Exchange Commission (SEC) is trying to dismantle digital asset markets in the United States by targeting cryptocurrencies like Ripple.
No change in SEC stance on cryptocurrencies
The SEC reaffirms its old stance of open opposition lbry And the cryptocurrency industry at large. James K. Filan included a proposed $22,151,971 fine for the platform in his court plea, stating that the amount was fair and reasonable given the circumstances.
Late last month, the platform was unable to convince an appeals court that its LBRY tokens did not qualify as unregistered securities and thus lost its case against the SEC.
On November 7, a New Hampshire district court found in favor of the United States Securities and Exchange Commission in its lawsuit against blockchain payments network LBRY. This is in addition to the SEC’s previous victories in similar cases against Kik and Telegram.
YouTuber and XRP community advocate Jeremy Hogan claims that the security agency is trying to get an injunction against LBRY to stop it from selling any of its tokens.
Ripple vs SEC: The Trial Is Almost Over
The much awaited summary judgment in Wave The matter is also in limbo.
Blockchain company Ripple may fail to gain traction in the United States if it does not provide evidence that the Howe test is applicable. Ripple’s case may shed light on this SEC’s Rukh.
The regulator wants to designate all purchases, sales and exchanges of XRP tokens as securities transactions, starting from their formation and involving both primary and secondary markets. If Ripple loses in district court, the question becomes whether it will appeal to a higher court and, if necessary, to the Supreme Court.
XRP price has been declining recently and it is trading at $0.35 at the time of writing.