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.
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.”
Sounds reasonable enough.
— Marc Fagel (@Marc_Fagel) July 8, 2023
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.
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.
I think the SEC has the stronger legal argument on whether Ripple violated Section 5. But for various reasons I think Ripple is more likely to win the case (or at least for the impact of the case to be limited).
— Marc Fagel (@Marc_Fagel) July 10, 2023
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