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Ripple case commentaries compiled | dForce founder pessimistic about SEC's subsequent regulations: Even Ripple can lose the lawsuit

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Ripple case commentaries compiled | dForce founder pessimistic about SEC

In the past, Ripple XRP, which has long been criticized for its regular coin sales and centralization, unexpectedly emerged as a new hero in the cryptocurrency field by winning the SEC lawsuit. The industry has also expressed skepticism towards the SEC. The founder of dForce, Yang Mindao, bluntly stated that Ripple is clearly defined as a security, yet the SEC still lost the lawsuit. This seems to imply that the regulatory path for cryptocurrencies by the SEC may no longer be smooth.

Will the ruling redefine SEC jurisdiction?

Due to the judge's belief that Ripple Labs' ongoing "programmatic sales" through exchanges in the secondary market are feasible and do not meet the Howey Test.

Some commentators point out that this means many tokens listed on exchanges cannot be considered investment contracts or securities.

Gemini Co-founder: SEC is becoming a dinosaur regulator

Cameron Winklevoss issued multiple tweets regarding the SEC's loss, stating:

The XRP sales on exchanges do not constitute securities, which means that all cryptocurrencies sold on exchanges are not securities, and the SEC and Gary Gensler have no jurisdiction over them. This watershed pushes the SEC towards traditional financial institutions and also makes the SEC a dinosaur regulator.

Congressman: Establishing an important precedent ruling

U.S. Congressman Tom Emmer has repeatedly criticized the SEC and even co-sponsored a proposal to dismiss Gary Gensler. He pointed out:

The Ripple case is a milestone development that clearly defines which tokens may be classified as investment contracts, establishing an important precedent.

He also promoted the previous bipartisan bill on cryptocurrency regulation.

dForce Founder: Ripple is suing for the entire crypto industry

Yang Mindao stated that Ripple is clearly a security token by definition, but the SEC still lost the lawsuit, and everyone should be clear about what will happen next.

He seems to suggest that in the future, when the SEC accuses cryptocurrencies of being unregistered securities, it may no longer be advantageous in terms of regulation. However, he still praised:

Ripple's lawsuit against the SEC cost two to three hundred million dollars, which is like legal fees spent for the entire crypto industry. The lawsuit result also establishes a good precedent ruling. Even if Ripple is just protecting itself, it is worthy of recognition and support.

Crypto Influencers Pay Tribute to Ripple

Cardano founder Charles Hoskinson, Binance CEO Changpeng Zhao CZ, and others tweeted their congratulations to Ripple.

Bankless Co-founder Ryan Sean Adams, while thanking Ripple for bringing a great victory to the crypto industry, also reiterated that XRP is a "shitcoin":

I think XRP, based on air and fervent community support, is an overhyped project, but I never thought I would say, "Thank you XRP." Ripple has stopped Gensler's aggressive stance on the crypto field, and if XRP is not a security, then almost no tokens are securities.

Parardigm Co-founder Matt Huang modified "We are all Satoshi" to pay tribute to Ripple.