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Ripple has been fighting tooth and nail with the United States Securities and Exchange Commission (SEC) for quite some time now. Starting in December 2020, the lawsuit has attracted an entire community of founders, entrepreneurs, and businessmen. In a recent tweet, the CEO of Coinbase, Brian Armstrong, claims that the Ripple lawsuit against the SEC is “going better than expected.”
Armstrong further stated in his tweet that “meanwhile the SEC realizes that attacking crypto is politically unpopular (because it harms consumers).”
While a number of people came in support of Ripple in the comment section, the Senior Director of Product at XRP, Craig Dewitt, commented, “wait til’ you hear how our products are doing….”
Furthermore, the man behind Thinking Crypto Podcast, Tony Edward, commented, “Brian, can you and the Ripple team lead a coalition against the SEC? Also, would love to interview you to talk crypto regulations.”
Ripple vs. SEC: Current scenario
The current scenario of the Ripple vs. SEC case hasn’t necessarily turned pro-XRP but has definitely altered against the SEC. There are many reasons for the same, as summarized by Roslyn Layton, the Senior Contributor at Forbes.
Firstly, the SEC claims that XRP is “one long unregistered securities trade” since the year 2013, but the SEC itself alleged that it didn’t confirm the status of the company until the day of the lawsuit. This enraged the investors and crypto market participants who called out the SEC for its unfair stance on XRP.
There have been plenty of outrages against the SEC. Rhode Island attorney John Deaton filed a motion to intervene in the lawsuit on behalf of investors in Ripple. Furthermore, the “XRP Army” has been actively vocal against the SEC but holding no allegiance to XRP.
With a million followers on both Twitter and YouTube, the “XRP Army” has been actively reporting every little aspect related to the unfair regulations of the Biden government and the SEC.