Raoul Paul has expressed conviction that the U.S. SEC is underestimating the crypto industry in its ongoing legal tussle with leading companies in the space.
Raoul Paul, a widely known global macro strategist and CEO of Real Vision, has weighed in on recent court cases involving the United States Securities and Exchange Commission (SEC) and top companies within the cryptocurrency industry. The regulatory body currently has ongoing lawsuits against Grayscale, Coinbase, Binance, and Ripple and has taken some losses in these cases.
Real Vision CEO Raoul Paul, who is also a cryptocurrency investor, expects that trend to continue, admitting in a recent interview that the SEC has underestimated the crypto industry. According to Paul, the SEC may win a couple of crypto cases here and there. However, they are not “going to win these big cases.”
He explained the reason for the SEC’s recent losses, namely, that the agency has been “conflating politics with legal precedents.” Some of the SEC’s losses include a Federal Judge ruling in favor of Ripple’s XRP and the Courts of Appeals granting Grayscale’s petition to convert its Bitcoin Trust product to a spot Bitcoin ETF.
The Real Vision CEO believes that courts are throwing out the cases against crypto firms for the right reasons, as such cases are politically motivated. He also expressed conviction that the cryptocurrency industry has the requisite resources to keep fighting the SEC and winning.
SEC Up Against Bazookas
The SEC’s decision to fight against top companies within the crypto space proves that the agency is underestimating the industry’s potential to fight back, according to Raoul Paul. Specifically, the Real Vision CEO cites “the sheer number of smart people and the amount of money in the space that is focused on these cases” as a reason why the SEC is doomed to fail.
He added that the government’s fight against crypto through the SEC is much bigger than picking off an investment bank. Instead, the agency is going up against individuals who are super motivated by what crypto represents and where the industry is going.
“So, they [top crypto companies] don’t go to court without knowing that they are coming with a bazooka to that fight,” Raoul Paul said. However, he believes the SEC is treating the cases like they are fighting “a bunch of cowboys,” having no real understanding of who they are up against.
“This is a cultural phenomenon they are trying to fight with people who are motivated to win,” Raoul Paul concluded.
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