[ccpw id="39382"]

HomeCrypto NewsMarketEx-SEC Director Says It’s "Reasonable" for Judge Torres to Lock Ripple’s XRP Escrow Accounts Forever 

Ex-SEC Director Says It’s “Reasonable” for Judge Torres to Lock Ripple’s XRP Escrow Accounts Forever 

Date:

Written By:

Follow TheCryptoBasic

Former SEC regional director supports the idea of permanently locking Ripple’s escrow accounts.  

As the SEC v. Ripple lawsuit approaches its end, XRP community members have been sharing their “dream ruling” for the case. In a recent Twitter discussion, Marc Fagel, former regional director of SEC’s San Francisco office, agreed with an opinion from an XRP community member, Jack ‘O, regarding the upcoming SEC v. Ripple ruling. 

Dream Ruling?

In what was tagged as his dream ruling, the XRP enthusiast said he wishes that Judge Analisa Torres levy a fine against Ripple for initially offering XRP as a security. The user claimed that he has gone through Ripple’s emails and believes the company deserves to be fined. 

- Advertisement -

Furthermore, Jack ‘O also wishes that the judge orders the majority of XRP in Ripple’s escrow accounts to be handed over to the SEC and locked forever. 

In return, the user said, moving forward, the judge should declare all circulating XRP as a commodity. Interestingly, the tweet attracted Fagel’s attention, who noted that the user’s dream ruling for SEC v. Ripple case “sounds reasonable enough.” 

Notably, Fagel’s tweet shows that he supports the user’s speculation. 

Fagel Comments on SEC v. Ripple 

Fagel has been vocal about the SEC v. Ripple legal battle. Last month, he appeared in a CryptoLaw broadcast with pro-XRP lawyers John Deaton and Jeremy Hogan. The trio discussed the implications of Hinman’s emails on the ongoing SEC v. Ripple lawsuit. 

- Advertisement -

Fagel, who served as SEC Regional Director for nearly 16 years, said the controversy regarding William Hinman’s infamous speech is frustrating for him as an alum. 

Ripple “Likely” to Win SEC Case

Meanwhile, Fagel has commented on other issues regarding the SEC v. Ripple case. According to Fagel, the SEC has a better argument on whether Ripple violated Section 5 of the Securities Act. 

Interestingly, he still believes Ripple is more likely to win the lawsuit. Fagel said there are various reasons that make Ripple the favorite to win the case. However, he did not reveal any of the reasons. 

DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

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

Latest Stories

Guides