The shifting sands of the legal landscape in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) are leading to an air of uncertainty. This perspective was recently highlighted by a popular voice in the cryptocurrency world, Ben Armstrong, more commonly recognized by his online persona, BitBoy Crypto.
BitBoy Crypto’s Ripple of Doubt
On his recent live Twitter broadcast, Armstrong brought a magnifying glass to Ripple’s current affairs, including the heated lawsuit, the company’s public profile, and the performance of its native token, XRP. The crypto pundit cast doubt on the lawsuit’s outcome, a shift from his previous near-certainty of Ripple’s victory.
Armstrong highlighted Ripple CEO Brad Garlinghouse’s recent comments suggesting the lawsuit’s final verdict is only weeks away, sparking speculation that the case might have reached its conclusion behind closed doors. Armstrong, however, expressed reservations: “I don’t know if that’s true… And it is going to be absolutely amazing when this thing is over – one way or the other.”
Impending Implications for the Crypto Landscape
The social media influencer went on to underscore the monumental influence that the lawsuit’s outcome would bear on the crypto industry. Regardless of the verdict, the reverberations would be felt industry-wide, with the implications taking a particularly negative turn should Ripple lose the case.
While Armstrong has traditionally leaned towards Ripple emerging victorious, recent developments have caused him to question this outcome. “I thought it was guaranteed for the longest time – I’d say, 99.9% sure, but the way the government’s going right now, I don’t know.”
SEC vs Ripple: An Expanding Discussion
Adding further nuance to the unfolding drama, lawyer Bill Morgan pointed out that the SEC chief, Gary Gensler’s sweeping statement branding all cryptos (excluding Bitcoin) as securities without thorough investigation is more political than legal.
Finally, Armstrong cited a promising comment from Garlinghouse, who, after seeing the “Hinman documents” pertaining to the case, assured that the SEC’s conduct would leave everyone in shock once the truth is unveiled.