Gokhshtein asks crypto enthusiasts to support Ripple in SEC lawsuit.
In a recent tweet, the founder of Gokhshtein Media, and Former US Congressional Candidate David Gokhshtein, called on the cryptocurrency community to “root for” Ripple in the ongoing lawsuit against the Securities and Exchange Commission.
According to Gokhshtein, cryptocurrency enthusiasts need to support Ripple’s case against the SEC regardless of whether they are fans of XRP or the Silicon Valley blockchain company.
“You don’t have to be a fan of Ripple or XRP, but you should be rooting for them to win their case against the SEC,” he said.
Gokhshtein noted that the lawsuit would provide regulatory clarity for the United States crypto industry and the country’s innovation.
“[The lawsuit] would bring clarity to the #rypto industry. It would also keep innovation in the U.S,” Gokhshtein added.
You don’t have to be a fan of Ripple or $XRP, but you should be rooting for them to win their case against the SEC.
It would bring clarity to the #crypto industry. It would also keep innovation in the U.S.
— David Gokhshtein (@davidgokhshtein) December 9, 2022
Not All Crypto Stakeholders Support Ripple
Top cryptocurrency stakeholders and companies have thrown their weight behind Ripple in the ongoing lawsuit. Some companies like Coinbase, SpendTheBits, Valhil Capital, Paradigm, etc., took their support for Ripple to the next level by filing amicus curiae briefs supporting the blockchain company’s case against the SEC.
However, most Ethereum enthusiasts have not supported Ripple like other crypto communities. Ethereum’s co-founder Vitalik Buterin disclosed opened up on a grudge the company holds against Ripple. “XRP already lost their right to protection when they tried to throw us under the bus as ‘China-controlled’ IMO,” Buterin said.
A Win For Ripple Will Birth Clearer Crypto Regulations
The U.S. crypto industry is considered to be lacking clear regulations, which has stifled its growth. Top industry players like Ripple CEO have called on the SEC to provide clear regulations to enable the U.S. crypto industry to thrive.
Recall that during the 2022 Collision Conference in Toronto, Ripple’s CEO Brad Garlinghouse criticized the SEC for favoring regulation by enforcement instead of going through the hard work to define “a new set of crypto rules.”
“The SEC, instead of doing the hard work to define a new set of clear rules and regulations […] they instead decide we’re going to do regulation through enforcement, which is not efficient and I think has stifled innovation in the United States,” Garlinghouse said.
Despite these calls and criticisms, the SEC has refused to establish clear crypto rules.
Meanwhile, a win for Ripple could prompt Congress to mandate the SEC to establish clear regulations for the nascent industry. However, if Ripple loses the case, the SEC will continue its regulation by enforcement approach in the sector.