- Ripple’s victory over the SEC has set a new precedent for how the cryptocurrency industry deals with the regulator.
- Tom Emmer submitted a budget amendment to restrict the SEC’s financial resources in targeting cryptocurrency companies.
- Both Binance and Coinbase (NASDAQ:COIN) have referenced the SEC vs Ripple case in their own legal battles against the SEC.
Ripple (XRP) revolutionized the cryptocurrency industry after it emerged victorious in its case against the U.S. Securities and Exchange Commission (SEC) in July of this year. Judge Analisa Torres ruled against the SEC’s claim that Ripple misled investors by selling billions worth of unregistered securities.
After the case, many people in the industry expressed their dissatisfaction with the SEC’s conduct. Tom Emmer, a representative of Minnesota’s sixth congregational district, submitted a budget amendment to restrict the SEC’s use of public funds for cryptocurrency enforcement during a congregational hearing on November 8.
Emmer was extremely critical of the SEC in his address, pointing out the fact that the SEC has specifically targeted companies and projects in the cryptocurrency industry for violating…
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