SEC’s Crypto Lawsuits Face Growing Opposition: Polygon’s Officer Weighs In
• Rebecca Rettig, Polygon Labs’ Chief Legal and Policy Officer, discussed the SEC’s ongoing legal battles with Coinbase and Ripple.
• Rettig highlighted the need to bring these cases back to fundamental principles of law, as well as the skepticism expressed by a presiding judge concerning the SEC’s consistency in allowing Coinbase’s initial public offering (IPO).
• The crypto community is increasingly vocal about its opposition to the SEC’s approach, including withdrawal of three US SEC attorneys from XRP lawsuit and concerns voiced by legal expert John E. Deaton.
Rebecca Rettig’s Perspective on SEC’s Designations
Polygon Labs’ chief legal and policy officer, Rebecca Rettig recently shed light on the Securities and Exchange Commission’s (SEC) ongoing legal battles with Coinbase, a crypto exchange, and Ripple, a blockchain company. On a recent episode of The Block’s exclusive podcast, Rettig provided a detailed examination of the SEC’s actions, including the legal challenges that question the commission’s authority.
Rettig expressed her understanding of the SEC’s cases against both Coinbase and Ripple, articulating that the motions for judgment in these cases are an attempt to align with the law rather than pre-existing notions. The instances she examined reveal a need to bring the cases back to fundamental principles of law, emphasizing that situations may not conform to previous examples. She also addressed a court’s viewpoint on the commission’s previous actions towards Coinbase; highlighting skepticism expressed by presiding judge concerning its consistency — particularly in allowing Coinbase’s initial public offering (IPO).
Growing Opposition To The SEC
Rettig’s observations come at a time when increasing resistance across crypto community is posed towards SEC. This includes withdrawal of three US lawyers from XRP lawsuit as well as concerns voiced by John E. Deaton regarding potential affiliations which could have favored former chairman Jay Clayton & top enforcer William Hinman in XRP case. Such developments may have significant implications for regulation & digital asset landscape in future — bringing into question role played by commissioner itself.
Coinbase Case Overview
The industry has yet to hear judgement or decision for Coinbase case even after briefing phase — since there will be plenty more discoveries & briefings if case goes forward at all according to Rettig herself. It remains unclear whether outcome will be in favour or against regulator but it seems like debate between two parties will go down wire before conclusion is reached anytime soon.
XRP Lawsuit Withdrawal Overview
US regulators had filed charges against San Francisco based payments network back in December 2020 but now three attorneys involved have stepped down from representing their side without citing any specific reasons behind such move either publicly or privately as per reports available so far . It can further be speculated that this action might be taken due to mounting criticism towards their decisions made recently which might lead them away from producing desired results overall if situation continues along same lines .
Conclusion
In conclusion , it can be seen that while Rebecca Rettig has discussed different aspects regarding current state of affairs between regulator & crypto industry , things still remain uncertain when it comes actual outcome since many factors play role determining eventual result . Also , growing dissent amongst parties involved only adds more fuel fire making entire situation even difficult predict what final outcome might be .
