Stuart Alderoty recently tweeted: “The law requires that persons of ordinary intelligence be given fair notice of what’s prohibited. That’s why it’s important we learned that sophisticated parties – after engaging with the SEC – concluded that transacting in XRP wasn’t prohibited, but in fact, permitted.”
Stuart realized that letting people know of this is important and he knew that these statements would move the market. It is very obvious that SEN is treating Ripple VERY differently than other similar entities and digital assets. SEC is arbitrarily deciding winners and losers based on haphazard and uneven application of their discombobulated laws.
One of the users stated in response to Stuart statement, the question now becomes: How would a jury judging this case according to the law view the SEC’s actions? If I was the SEC, I’d be looking to cut a deal.
People are now waiting to see how the Jury would look at what the SEC has done. Some users were left wondering on the average assumption that the people running a business as large as coinbase have a higher than ordinary intelligence.
Further stated, If the exchange is Coinbase, they now have to defend themselves against lawsuits for selling XRP as an unregistered security. Their defense: The SEC said it was okay. We checked with them first!
Users looking at Stuart Alderoty have to state that they now think that Coinbase is one of the sophisticated parties of which Stuart is speaking or. And, some are wondering that SEC is made of people of ordinary intelligence.
So much is already happening in a world where majority of the population have not even scratched the world of cryptocurrencies.
Someone critically said: How much incompetency at the SEC? S securities E exchange C corruption!
However, if more discovery happens through this case it will no doubt prove to be that the biggest bad actor influencing the crypto space will in fact be the SEC. There will be more industrial clarity after the SEC issue is taken on trial.
Previously, Stuart pointed to how The US regulatory environment is unpredictable: “Imagine trying to explain what an iPhone is in language your great-grandfather would have understood just after World War II. That’s how easy it is to predict which digital assets are securities under the post-war Howey test.”
A lot of education is required about who is doing what in the cryptocurrency market.