Crypto evangelist US Congressman appeared in an interview with
Think crypto. Matters related to crypto were discussed at length in the interview, including the future ramifications of the SEC Ripple lawsuit.
SEC lawsuit materially impacting the market:
In an Aug 12 interview with Republican Congressman Thinking crypto of the state of Minnesota, Tom Emmer suggested that the rulings from the SEC Ripple lawsuit will have a significant impact on the entire industry.
The discussion focused on the possible outcome and effects of the SEC lawsuit against Ripple. Just months before the SEC filed a lawsuit worth 1.38 billion, Chris Giancarlo, former CFTC chairman, took a similar view in June 2020.
While deliberately abstaining from reiterating his position on the possible outcome of the lawsuit, he said the lawsuit would have a profound impact on the crypto market. Emmer said:
“The resolution could have some significant impact on the market,”
Crypt Regulations, Not By Enforcement:
Additionally, Emmer also suggested that the enforcement actions the SEC has been taking lately aren’t the best way to regulate the industry. Rather, he said elected leaders and crypto lobbyists should have productive discussions on the issue.
A few months earlier, Ripple General Counsel had taken identical views in his interview with the Protocol when he had also said that all relevant institutions and parties should discuss the matter together and work out an appropriate crypto regulatory framework.
The lawsuit is currently in the detection phase and most recently the SEC has filed a motion against Ripple for the production of more Slack history, as the agency found in the filing:
“Ripple’s data errors and refusal to produce most of the documents were already very detrimental to the SEC. Among other things, the SEC dropped 11 Ripple witnesses using incomplete records of their communications.”