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Forbes Contributor: “Right Now, The XRP Army is Carrying All of Crypto on Its Back”

source-logo  thecryptobasic.com 26 May 2023 08:04, UTC

Forbes contributor Sam Lyman admires the XRP community.

Forbes contributor highlights the XRP community’s impact on crypto regulation, stating that Ripple’s potential court victory could set a legal precedent protecting digital assets in the United States.

In a recent tweet, a Forbes contributor, Sam Lyman, highlighted the significant role played by the XRP army, otherwise called the XRP community, in the crypto industry regarding the current trend of regulatory suits against crypto businesses.

According to Lyman, if the court ultimately rules in favor of the blockchain firm Ripple, it could set a crucial legal precedent that safeguards digital assets from excessive regulatory actions by the U.S. Securities and Exchange Commission (SEC).

Right now, the #XRPArmy is carrying all of crypto on its back.

If the court rules in favor of @Ripple, it would provide a critical legal precedent for the industry that would protect digital assets from further overreach by the SEC.https://t.co/ToM9ZygXq0

— Sam Lyman (@SamLyman33) May 25, 2023

The Forbes contributor noted that the potential ruling in favor of Ripple holds the promise of protecting digital assets, including XRP, from being automatically classified as securities by the SEC.

This outcome could prompt the regulatory agencies to reevaluate their enforcement-driven approach to crypto regulation, a strategy that has faced criticism for encouraging crypto investment to move offshore.

In a previous analysis, the Forbes contributor expressed that the U.S. regulator has taken on a challenge beyond its power by suing Ripple. He sees the court’s decision as the ultimate litmus test for the SEC’s authority and a pivotal moment for regulatory clarity within the crypto space.

SEC Hinman’s Docs

While the final ruling in the suit between Ripple and the U.S. regulator remains uncertain, the blockchain firm recently secured a court order demanding public disclosure of key documents connected to a top SEC official, William Hinman.

The Crypto Basic reported on May 17 that a U.S. judge dismissed the SEC’s request to keep internal discussions regarding its former director’s speech on crypto assets confidential. The court argued that the documents are judicial records and should be accessible to the public.

According to experts, the development added complexity to the SEC’s campaign against Ripple as the disputed documents contained favorable statements for cryptocurrencies, which variance with the SEC’s current stance.