Fox Journalist says what was said to her privately by SEC commissioner that SEC Will Not Win the Lawsuit Against Ripple.
The global cryptocurrency community is eagerly anticipating the outcome of the lawsuit slammed by the Securities and Exchange Commission (SEC) on Ripple (XRP).
Several details have been made public over the last couple of days, indicating that the case will end in a settlement in Ripple’s favor.
The SEC Will Not Get Its Desired Outcome
Interestingly, the above comment has recently been backed by Eleanor Terrett, a FoxBusiness journalist.
In a recent post made by Terrett on popular microblogging platform Twitter, she revealed that a close source to the SEC informed her that the Securities regulators were not expressing optimism that they would win the case against Ripple.
A source familiar with the development told Terrett that Hester Peirce, the SEC commissioner popularly referred to as “Crypto Mom,” has disclosed privately that the SEC may not get the outcome it seeks, which mainly hovers around setting a perfect example out of Ripple.
“Turns out even the staff at the SECGov aren’t confident they will win the case against Ripple. A source close to the SEC tells me HesterPeirce has expressed privately that she thinks the SEC will not get the outcome it’s looking for,” Terrett noted.
🚨SCOOP: Turns out even staff at the @SECGov aren’t confident they will win the case against @Ripple. A source close to the SEC tells me @HesterPeirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
— Eleanor Terrett (@EleanorTerrett) March 7, 2022
Ripple CEO’s Comment
Meanwhile, Ripple CEO Brad Garlinghouse recently commented in a Fox Business interview that SEC chairman Gary Gensler disclosed to an audience that he thinks the SEC will lose a some of its cases against the digital currency business.
While it is not clear whether Ripple’s lawsuit is inclusive, there is a strong indication that Gensler was referring to its lengthy legal battle with the blockchain company.
Ripple Could Use Lack of Regulatory Clarity as Defense
It is worth noting that Peirce has been outspoken about cryptocurrencies, calling for regulation of the nascent asset class on different occasions. However, all her pleas have been ignored.
Following recent developments in the case, the lawsuit seems to be going in favor of blockchain companies, as expressed by the general public and legal experts, including attorney Jeremy Hogan.
The lawsuit, which has continued to hurt Ripple investors, is expected to come to an end by November 18, 2022, recent court filings indicate.
For years, several cryptocurrency experts have spoken about the lack of regulatory clarity in the nascent asset class, with many people suggesting that certain issues with the SEC could have been avoided if there was clear regulation for digital currencies.
There is a possibility that Ripple could use the lack of regulatory clarity by the SEC for the upcoming Fair Notice Defense.