Former SEC official hints Ripple is on the winning side against US SEC

Joseph Hall shared his point of view on the current ongoing lawsuit fight between US regulators and Ripple. 

Ripple is a San Francisco-based Fintech firm, which is working on providing payment services through the use of blockchain technology. In December 2020, US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and claimed that the native token of Ripple is unregistered security. 

Joseph Hall, former SEC managing executive for policy, recently appeared in the podcast with Thinking Crypto’s Tony Edward. Hall did a discussion on the ongoing case and hinted that what are the possible chances that may happen in the future. 

Hall said that it is out of an understanding, that, what the SEC agency wants to prove by considering the Ripple case as a top priority.

“I’m not sure what the SEC intends to prove in the XRP action either.”

Hall also said that operations by Ripple firm is going on since long before the lawsuit action of SEC agency but in the last moment they filed case against Ripple is totally out of understanding. 

According to Hall, SEC is doing its best to beat Ripple in this case but there are chances that SEC’s entire regulatory effort may be effectively “shut down”. 

Hall pointed out a big mistake of the SEC agency and raised a question that why the SEC agency did an investigation against Ripple without any fair notice, which is required under the law & rules. 

Former SEC official noted that if the SEC was already aware about the concerns related to Ripple’s XRP token before 2012 then why did they take action in 2020, around 8 years later. 

“If you are aware that XRP is a concern and have knowledge of it since 2012 — Why now?”

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