Legal experts James Murphy and Paul Growal highlight the key role of Ripple’s legal battle against the SEC, which was set to ensure the future of the US crypto industry. In the discussion about X, two prominent figures highlighted how important this fight is to protect the broader crypto ecosystem.
Both Metalawman founder James Murphy and Coinbase chief legal officer Paul Grewal have acknowledged that Ripple’s legal team, particularly John Deaton, chief legal officer Stuart Aldeoty and legal expert, have contributed to opposing the SEC’s initial regulatory push.
Who helped slow the SEC’s early cryptography crackdown?
Looking back at the early days of the SEC crackdown, Grewal praised these individuals for taking the brunt of these efforts. He said these numbers played a key role in stifling the SEC’s attempts to stunt Crypto’s growth. He said:
“People like Stuart Aldeoty and John Deaton have really helped slow the SEC and push the code out.”
Related: Ripple to SEC: enough to cause confusion – time for clear cryptography rules rather than backdoor regulations
Commitment to the Battle of Ripple
Despite what Grewal described as minimal support from the broader industry at the time, Ripple remained steady in its commitment to bringing suits when necessary, even if it meant taking it to the Supreme Court. The company successfully made the SEC’s claim that XRP would be classified as security.
The outcome of this legal battle is now widely regarded as a turning point for the entire crypto industry. Grewal noted that if the SEC succeeded in declaring security in XRP, it could have set a precedent that would put most cryptocurrencies under heavy regulatory scrutiny.
“If XRP is considered security, almost all crypto assets can be treated the same way,” Grewal said.
Garlinghouse Optimistic about US crypto market
In related developments, Bradgaringhouse is optimistic about the future of the US crypto industry to ease future regulatory changes and restrictions.
Related: Ripple CTO fights back against the IMF claims, claiming that XRP is not qualified for security
In a business interview with Fox, he emphasized that new laws and changes within the SEC and OCC will allow financial institutions to become more involved in crypto and unlock new opportunities. He believes these changes will help the US regain leadership in the digital assets space.
Meanwhile, Garlinghouse reflects Ripple’s expansion, with 95% of its customers, including major financial institutions such as HSBC, being based outside the US.
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