- Crypto Twitter is hyped about the XRP vs SEC lawsuit.
- Ben Armstrong expresses support for XRP.
- Ripple’s VP of litigation said the XRP lawsuit against SEC would heavily impact the cryptocurrency industry.
Twitter account NotFinancialAdvice.Crypto posted a video on Twitter captioned “Arch rivals $XRP and the SEC are set for an epic showdown. The SEC (who may have bribed the refs) awaits the game with undeserved confidence,” followed by “all of the sudden, a faint chant can be heard from the distance… it’s the #XRParmy and they don’t sound afraid one bit.”
The video meme featured many iconic crypto influencers who are part of the XRP Army, including Stuart Alderoty, Digital Asset Investor, Moon Lambo, Ripple CEO Brad Garlinghouse, Ben Armstrong, John E Deaton, Ripple CTO David Schwartz, MASON VERSLUIS, Digital Perspectives, as well as Elon Musk, and more.
The context behind the video highlights the cryptocurrency community’s support toward the San Fransico-based payments firm, Ripple which is currently facing a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Cryptocurrency influencer and Youtuber Ben Armstrong even retweeted the video saying while he didn’t anticipate being so hyped but presently he is ready to “run through a brick wall for $XRP.”
According to Ripple’s deputy general counsel, Deborah McCrimmon, the SEC is “reaching far beyond the authority” granted by Congress in an attempt to enforce regulations in the crypto space.
In an interview with Modern Counsel, McCrimmon stated, “It’s a cutting-edge, industry-defining case. It’s going to be precedential, not just for Ripple, but for the entire crypto industry. It’s being watched by the entire industry.”
In early 2022 both SEC and Ripple filed for summary judgement, in other words, asking the court to dissolve the case without a full trial due to a lack of material facts. However, the SEC issued a memorandum of law against Ripple’s motion for summary judgement, on Friday.
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