A top XRP expert questions why Ripple refused to go aggressive against the SEC as Binance did recently.
A top XRP expert WrathofKahneman has raised a pertinent question about Ripple’s legal approach against the SEC following recent SEC vs. Binance lawsuit developments.
For context, the SEC charged Binance with facilitating the trading of unregistered securities, including ADA and SOL.
The SEC also leveled other charges against the exchange and its founder Changpeng Zhao, including the mishandling of customers’ funds.
A few hours later, the commission filed an emergency motion, requesting a temporary restraining order to freeze Binance.US assets.
Last week, the judge rebuffed the request, ordering the parties to reach an agreement for a compromise.
Binance Files Aggressive Motion Against SEC
Yesterday, crypto-friendly legal analyst MetaLawMan reported that Binance went on the offense against the SEC in the case.
In an aggressive move, @Binance has gone on offense against the SEC in the federal court case.— MetaLawMan (@MetaLawMan) June 22, 2023
Lawyers for the @Binance defendants have filed a motion accusing the SEC of engaging in unethical conduct.
This is a big deal.
Let me explain…
According to MetaLawMan, the leading exchange filed a motion, accusing the U.S. SEC of engaging in unethical behavior. Notably, Binance counsel claimed the SEC violated court rules by making false statements, likely to taint the jury pool and harm its U.S. customers.
MetaLawMan said former SEC Enforcement Division lawyers Bill McLucas and George Canellos signed these allegations on behalf of Binance.
Why Ripple Didn’t “Pursue” a Similar Angle
The development prompted reactions from members of the XRP community. Notably, pro-XRP lawyer Fred Rispoli joined those who reacted to the development.
Attorney Rispoli said he has been waiting for such an update where a company and its legal team will not be scared of the SEC.
He commended attorneys McLucas and Canellos for making HODL Law proud. It bears mentioning that HODL Law is a legal entity established to stand up for the blockchain industry.
Reacting to the tweet, WrathofKahneman asked attorney Rispoli why Ripple did not also go on the offense against the SEC after having Hinman’s emails.
Why do you think Ripple didn't pursue this angle given the emails?— WrathofKahneman 🪝 (@WKahneman) June 22, 2023
In response, Rispoli guessed that Ripple did not go aggressive against the SEC in the early stages because the commission’s unethical behavior was not apparent then.
He noted that Ripple was the first case in the SEC to receive pushback. However, other crypto-related lawsuits like Coinbase, and Bittrex, among others, have created a solid foundation for Binance to make such claims and go hard at SEC.
My guess would be because it wasn't as obvious then as Ripple was the first case where SEC rec'd pushback. But now with Coinbase, Coinbase's petition, Bittrex, Binance, the insider Coinbase case…the foundation is solid to assert such a claim.— Fred Rispoli (@freddyriz) June 22, 2023
Notably, WrathofKahneman concurred with Rispoli, saying that the temperature in the room is already heating up due to the increased lawsuits, legal hearings, and exchange-traded fund (ETF) filings.