Former SEC Lawyer Predicts Win for Ripple in Securities Lawsuit

The SEC vs. Ripple plot thickens as the former SEC lawyer said that he believes Ripple will win the lawsuit. In a recent podcast interview with crypto analyst Tony Edward, former SEC lawyer Joseph Hall remarked that the SEC shouldn’t have brought up the case in the first place.

According to Hall, Ripple stands a good chance of winning the lawsuit as it has an excellent defense: the SEC did not notify Ripple of the investigation. By law, it is required for SEC to inform organizations when it investigates any case. Therefore, Hall believes that this point is  good enough to break the case.

Joseph Hall said:

I’m not sure what the SEC is planning on proving through the XRP litigation either… I continue to be perplexed why the SEC decided to bring that case… Their entire regulatory project could be basically shut down they lose all their merits here, and I think there’s a pretty good chance that they will lose all the merits.

This statement from the former SEC attorney has excited the Twitter community and XRP investors.

In 2020, the U.S. Securities and Exchange Commission (SEC) had sued Ripple Labs. This was for issuing and selling unlicensed securities — XRP tokens — to the public. Since then, the SEC vs. Ripple lawsuit has been in the public eye.

Earlier last month, a judge had ordered Ripple to unseal documents pertaining to legal advice it received regarding the regulatory standing of XRP tokens. The documents were unsealed on Feb 17. And, according to James F Filan, Defense lawyer, and former federal prosecutor, these documents were overall favorable to Ripple.

The entire cryptocurrency industry is eagerly watching the SEC vs. Ripple lawsuit, as its output will establish a precedent. Notably, the findings of this case will also help clear the regulatory landscape for future initial coin offerings.