[ccpw id="39382"]

HomeCrypto NewsMarketRipple CTO Says Federal Judges Now Feel the Frustration People Have With SEC

Ripple CTO Says Federal Judges Now Feel the Frustration People Have With SEC


Written By:

Latest News

Ripple CTO David Schwartz reacts to the recent ruling in the Coinbase vs. SEC lawsuit.

- Advertisement -

Ripple CTO David Schwartz has reacted to the recent ruling in Coinbase’s lawsuit against the SEC over the exchange’s petition for basic crypto rules.

Judge Issues New Order in Coinbase vs. SEC 

Recall that Coinbase sued the SEC in April 2023 to force the regulator to respond to its July 2022 petition that the exchange filed aiming for a rule specific to digital assets.

In a tweet yesterday, Coinbase’s Chief Legal Officer Paul Grewal provided an update on the lawsuit. According to Grewal, Third Circuit Judge Cheryl Ann Krause ruled that the court would retain jurisdiction of the case.

- Advertisement -


Judge Ann ordered the SEC to update the court on their progress toward getting a staff recommendation on or before October 11, 2023.

Ripple CTO Says It’s a Victory

Reacting to the development, Schwartz stated that the decision was a rollercoaster. He expressed displeasure that the court allowed the Commission to get away with four months to provide an update about its progress toward getting a staff recommendation.

- Advertisement -


Meanwhile, Schwartz still views the ruling as a victory for Coinbase and the crypto space, given that he did not expect anything from the exchange’s lawsuit against the SEC. According to Schwartz, he thought the Coinbase vs. SEC lawsuit was a publicity stunt.


Furthermore, the Ripple CTO stressed that the recent order indicates that another U.S. Federal Judge is sharing some of the frustration crypto enthusiasts have with the SEC. Schwartz noted that maybe more Federal Judges are in a similar position.


Interestingly, pro-XRP lawyer John Deaton reacted to Schwartz’s tweet. Deaton said the cumulative effects of people’s frustration have made SEC Chair Gary Gensler become a political liability in an election season, which could potentially lead to his “ouster and less aggressive approach to the industry.”

Increased Frustration Over SEC’s Crackdown

The SEC’s crackdown on the crypto industry has left many frustrated, leaving investors to wonder about the future of the emerging market. Coinbase’s lawsuit against the agency reflects the frustration felt by industry leaders.

The entire industry feels the wrath of every SEC’s enforcement action, which usually causes the price of cryptos to plummet significantly.

It is worth noting that the most frustrating aspect is the continuous lack of regulation to govern the U.S. crypto sector. The industry has embarked on different initiatives to push for regulatory clarity. One of the most significant is the Stand With Crypto NFT launched by Coinbase in April.

The NFT symbolizes the industry’s desire for regulatory clarity for the crypto sector. Following SEC’s lawsuits against Binance and Coinbase, the number of Stand With Crypto NFTs minted spiked to 152.48K. Twitter users who successfully minted the NFT were asked to display a shield emoji in their username to support the movement.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

More from Author