The verdict in the Ripple case could be a turning point for the industry. U.S. Congressman Tom Emmer indicated in a recent interview with Thinking Crypto that the Securities and Exchange Commission's action against Ripple will have "major" repercussions for the whole cryptocurrency business.
He did not, however, speculate on the outcome of the high-profile legal matter because the court must determine the dispute between the two parties.
Enforcement measures, according to the Minnesota congressman, are not the greatest method to establish regulatory clarity.
Just months before the SEC alleged the reverse in its scathing complaint, Emmer, one of the most crypto-friendly congressman, stated that XRP was not a security in August 2020.
First and foremost, my perspective is crystal clear. Isn't it true that XRP isn't a security?
The battles for discovery are still going on.
The SEC has demanded more than one million Slack chats from Ripple workers as part of the continuing pre-trial discovery phase.
Some of the messages that the agency did receive deal with sensitive topics like speculative XRP trading and the token's regulatory status.
Despite generating a fortune by selling the token without disclosing that fact to holders, CEO Brad Garlinghouse, who is suspected of aiding and abetting the allegedly unlawful sales alongside co-founder Chris Larsen, previously informed the public that he was "very, very, very long" on XRP.
The SEC, on the other hand, appears to be on trial in the case, with defendants recently convincing the court to allow Willian Hinman, the agency's former senior official, to testify.
This isn't your normal SEC case.
The notion that the outcome of the Ripple lawsuit could influence the entire industry's destiny is not new.
Many people who have followed the high-stakes case from the beginning have reached the same conclusion.
The SEC offered Ripple a settlement, but the business refused to accept the terms and instead chose to fight.
Even with the new presidential administration, the agency is sticking to its guns. Emmer slammed SEC Chair Gary Gensler's recent comments on tightening bitcoin laws, calling them "extremely disappointed."
As the case moves closer to trial, the SEC is expected to battle tooth and nail to avoid a rare and humiliating defeat.
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